17 May EU: Philippines Companies Handling European Data Have to Comply with GDPR
Speaking at a data privacy forum last Tuesday, head of the Economic and Trade Section of the EU Delegation in the Philippines Walter Van Hattum said that Philippine companies that handle the data of European citizens will have to be compliant to the General Data Protection Regulation (GDPR).
Van Hattum added that the European privacy standards require companies to inform people of data breach within 72 hours, and entities that fail to comply may be fined up to 20 million euros or P1.2 billion.
Bo Lundqvist, president of the Nordic Chamber of Commerce in the Philippines (NORCHAM), also mentioned that according to their data, 52 records are stolen every second, and a total of 7.5 billion have been stolen since 2013. However, it takes an average of 52 days for companies to discover that they have been breached.
Source: ABS CBN News