Security News > 2021 > June > Security leaders more concerned about legal settlements than regulatory fines

An overwhelming 90% of security leaders are concerned about group legal settlements following a serious data breach, compared to 85% who are worried about regulatory fines, Egress reveals.

Security leaders concerned about data breach legal settlements 90% of security leaders are concerned about class action by data subjects in the event of a serious data breach, whereas 85% are concerned about regulatory fines.

91% of security leaders reported taking out cyber insurance, or upgrading their policy, as a result of GDPR. 67% of UK consumers are aware that they have the right to take legal action against an organization that suffers a breach that exposes their personal data.

"Egress CEO Tony Pepper comments:"The financial cost of data breach has always driven discussion around GDPR - and initially, it was thought hefty regulatory fines would do the most damage.

"With data subjects highly aware of their rights and lawsuits potentially becoming 'opt-out' for those affected in future, security leaders are right to be nervous about the financial impacts of litigation."

"Having said that, looking at the past activity of the ICO and its enforcement habits, I am inclined to understand why security leaders are more worried about the actions of those who are directly impacted - the data subjects whose personal data is subject to their not-quite watertight security measures - and those data protection activists that have an even higher drive to prove that there is more organizations can do to guard personal data."

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