Data breaches have become all too common in the news recently. And with the announcement of major EU data protection law changes, businesses need to be more alert than ever when it comes to how they source their consumer data.
Facebook and Netflix have become the latest big name brands to hit the headlines over data security. Both companies have advised their subscribers to reset their passwords after both firms received the threat of a data breach.
According to reports, neither firm has experienced a direct breach, but both are encouraging users to alter their log in details as a precaution.
With the value of data on the rise, the temptation for criminals to obtain it through spurious means, such as a data breach or hack on a major network, has grown.
LinkedIn, Tumblr and MySpace have all been hit over recent years, with each breach potentially affecting millions of users. It’s unclear just how much of that illegally obtained data went on to be sold to unsuspecting buyers.
For those looking to buy data, threats like these highlight the importance of working with a reputable seller. When searching for consumer data, look for a company like Seawave; someone able to guarantee that all of their data is fully compliant. Buying non-compliant data could store up significant costs for your company in the future, especially with the introduction of the new EU data protection laws.
Many experts have suggested that the laws were prompted by the recent spate of high-profile data security issues. Under the new General Data Protection Regulations (GDPR), companies must fulfil a number of responsibilities, including justifying the use of opt in data ahead of its processing, the completing of impact assessments and the active improvement of compliance. Businesses may also receive up to €1 million (£762,000) in fines for failing to meet the correct standard of data protection by the launch date in May 2018. You can read more about the GDPR laws here.
Although such measures can’t undo the damage done by recent breaches, they can help to protect data in the future. Applying to businesses of any size, the regulations aim to ensure sensitive information such as homeowner data is used correctly and safely, providing protection for consumers, while still allowing companies to access B2C lists, so long as they do so responsibly.