It looks likely that the UK will join a growing number of nations promoting cybersecurity’s importance for businesses including the introduction of new laws. Amongst the proposals being considered are adding new powers to the UK Cyber Security Council that could significantly change the reporting requirements associated with security incidents. From what has been shared to date, two points that stand out are as follows.
The California consumer privacy act (CCPA) is a law that was passed in 2018, and it is in effect from January 1st 2020. The California attorney general’s office has not taken any enforcement action against firms that did not meet the standards until July 1st 2020. A lot of people are unsure about what this new law means for them. Like the GDPR, there are significant penalties for non-CCPA compliance and potential loss of consumer loyalty.
As a major financial hub in Asia and globally, Singapore is very aware of the challenges facing the financial industry, especially the accelerated digital transformation that stemmed from the COVID-19 pandemic. In response to the sector’s increased exposure to cloud technology, the Monetary Authority of Singapore (MAS) has released a guideline to address cybersecurity risks associated with the adoption of public clouds.
Companies today face increasing pressure to implement strong cybersecurity controls. While the U.S. has no comprehensive cybersecurity law, many organizations still fall under state, international, or industry regulations. Two of the most prominent controlling publications are the General Data Protection Regulation (GDPR), and the ISO 27701 standard. One has the force of law, and the other is a guiding framework, respectively. Both of these documents apply to an increasing number of businesses.
