Welcome to the latest edition of Data Bytes! In this post, we dive into the busy world of data governance, recent ICO enforcement actions, and the implications of new regulatory frameworks for AI and cybersecurity.
Key Points
- New Cyber Governance Code of Practice aims to elevate the role of boards in managing cyber risk.
- The ICO has issued its first-ever processor fine of £3.07 million for failures leading to a ransomware attack.
- 23andMe is facing a potential £4.59 million fine from the ICO for data breaches.
- Joint regulations from the ICO and FCA are fostering innovation in financial services using AI.
- EU’s 2025 Coordinated Enforcement Framework will focus on the right to erasure under GDPR.
Content Summary
The March edition of Data Bytes highlights crucial developments in cybersecurity and data protection. A new Cyber Governance Code of Practice encourages boards to proactively manage cyber risks, addressing a growing need for elevated awareness and responsibility at the executive level. There are significant enforcement actions from the ICO, including fines for companies failing to protect sensitive data, marking a stricter regulatory landscape.
Additionally, the Joint ICO and FCA letter will provide clarity for AI deployment in financial services, reflecting the ongoing evolution in data regulation. Meanwhile, the EU is set to enforce the right to erasure through its 2025 Coordinated Enforcement Framework, examining compliance across various sectors.
Context and Relevance
This edition of Data Bytes is essential for anyone involved in data governance, cybersecurity, compliance, or financial services, as these insights directly affect organisational responsibilities and risk management strategies. With the regulatory landscape tightening, staying informed about these updates will help organisations navigate the complex world of cyber risk and compliance.
Why should I read this?
If you’re in the business of data, this article is a must-read! It’s packed with up-to-date information about how regulations are changing the game for cyber governance and data protection. We’ve summarised key insights so you can stay ahead of the curve without digging through pages of legal jargon. Don’t let your organisation fall behind!