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Data is now a high-value commodity – review

The rapidly evolving cyber-threat landscape and expansion of EU data-security regulations mean that firms should be vigilant on appropriate security measures, an MH&C data-breach review has said.

That means:

• Conducting regular risk assessments, and
• Evaluating the adequacy of measures considering identified risks.

Oversight

The lawyers point out that policies and procedures are of little utility if they are not given effect in practice, with verifiable oversight.

The publication considers developments in cyber and data security.

Topics include:

• Ransomware attacks,
• Impact of AI on the cyber-threat landscape, and
• Key legislative changes in the EU’s cybersecurity framework. 

The review also includes a comparative analysis of various legal regimes that imposes obligations to report personal-security incidents and data breaches. 

Security 'paramount'

Julie Austin (privacy and data-security partner at Mason Hayes & Curran) said: “In today’s digital world, data is now a high-value commodity.

“Ensuring the security of that data is paramount, particularly as cybercrime continues to rise in scale and complexity. Businesses must have robust and appropriate security systems in place to adequately protect themselves from falling victim to a cyber incident or data breach."

She warned that businesses face enhanced regulatory oversight and significant new EU cybersecurity laws.