PCI SSC

2018 Could See UK Small Businesses Hit with £52bn in Cybersecurity Fines

2018 Could See UK Small Businesses Hit with £52bn in Cybersecurity Fines

The UK’s small businesses could face up to £52bn in regulatory fines for breaches of cyber security at the mercy of incoming EU legislation, according to findings from the PCI Security Standards Council (PCI SSC). In 2018, regulatory fines will be set at 4% of global turnover, up to a maximum of €20m – a huge increase on the current level of £500,000. Last year, 74% of small and medium businesses reported a security breach, resulting in an estimated £908m in fines to the European regulator. If breaches remain at 2015 levels, fines could multiply 57 times to £52bn – an average of £13,000 per company. The report warns that fines are just one impact for small firms, alongside damage to reputation, disruption to business and loss of revenue. Jeremy King, international director at PCI SSC... »