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EU new cyber security regulation challenges SMEs

EU Regulation on cyber security, the general data protection regulation (GDPR), will come into force in May 2018, and will require businesses particularly the middle market businesses to have adequate preparations for compliance.

Under the GDPR, the EU aim to reinforce data protection for individuals inside the Union. Although the regulated businesses are taking proactive steps to comply with the new GDPR, the regulation in particular will greatly affect middle market businesses which may have lagged behind in the cyber-boom of the past two decades, RSM warned in a blog.

The new rules will bring substantial disruption on the ways businesses store, manage and process personal data and those who fail to adhere by will be subject to high penalties of up to €20m, or 4% of their annual global turnover. There will also be compulsory audits and suspension of data transfers for lack of compliance.

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