Concerns around heightened cyber risks and data privacy took a serious turn this year as governments implemented regulations with the aim of protecting consumer information, from the General Data Protection Regulation (GDPR) in the European Union, which every company with EU customers needs to be wary of, to Canada’s mandatory breach notification regulations. These new laws have been important in helping companies recognize and mitigate their risks, though they haven’t addressed all the potential pitfalls facing businesses in the digital age.
“Anything that is looking to raise the awareness or get more people involved in managing cyber risk within an organization is positive,” said Jeff Tilley, vice president and manager of cyber hazards at FM Global, though he added that most regulations are focused on the privacy of consumer data and not necessarily business resilience, “so while they’re very positive, we still have to continue to push forward.”
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