What Is the Significance of Data Security and GDPR Inception?

In an era marked by escalating digital dependence, the imperative for robust data security measures has grown exponentially. The ‘2022 Official Cybercrime Report’ from a leading cybersecurity company forewarns of a staggering surge in cybercrime expenses, projected to hit US$8 trillion in 2023 and a daunting US$10.5 trillion by 2025. This impending threat is accentuated by the ubiquity of customer data stored in vulnerable databases worldwide, underscoring the unparalleled importance of bolstering data security protocols.

A study titled ‘The Virtual Battleground’ conducted by Javelin Strategy and Research provides a disconcerting snapshot of the consequences of inadequate data protection, revealing identity fraud losses amounting to a substantial US$52 billion and impacting 42 million U.S. adults. Against this backdrop, this article delves into the critical significance of data security, shedding light on the genesis and significance of the General Data Protection Regulation (GDPR) as a pivotal framework designed to tackle these pressing issues head-on.

Learn more of the Significance of Data Security and GDPR Inception in this article.