WHAT IS THE ICO?
Information Commissioner’s Office (ICO) is directly related to GDPR as the independent regulatory officer is in charge of the confirmation of all the rights related to GDPR and other regulating rights in the public’s interest.
PROCESS OF PENALTIES
There are a lot of issues due to which companies and business individuals may be getting stroked with a penalty or a fine regarding the misuse or misconduct of GDPR regulation. The penalties depend on how severe the data breaches are or the seriousness of the measures taken according to the GDPR against this or the failing of deliverance of information requested by the user and a lot of other factors and careless acts.
TWO LEVELS OF FINES
According to Article 83(1), the basic conditions to implement regulatory fines are discussed. All these administrative fines are to be looking for every individual case and must be proportionate, exemplary and effective.
Similarly, in Article 83(2) the criteria policies and their uses and implementations are discussed, and later down in the article, there is proper mention of the two different levels of opposing fines and penalties which splits the GDPR into two laws. Both the two levels have various purposes, uses and implementations according to the misconduct.
If you read the fully-fledged Article 83, you may be confused about all these fines, penalties and sanctions, as there are very specific details for every small or big security breach and you might be confused when exactly does the GDPR fine (of any kind) applies on you. For just a small overview the administrative GDPR fines can go all the way to 20 million euros or 4% of annual global turnover whichever is the highest!
As a result, the two levels of fines are simply divided for different security breaches and their short-term and long-term effects depending upon the misconducts and the misuses and a lot of other small and basic details.
HOW TO AVOID GDPR FINES?
The basic answer to this is to be a complaint of the GDPR as soon as possible and making sure that you follow and agree with their policies and terms, and you are not included in different security and data breaches. You simply need to get in the flow with this act, and you will need to reform and reshape your company/business to be 100% free of these fines and be a respectful and an honourable member of the EU.
But if you find this too hard to digest. The second methods are to be ready and covered up to pay the fines of the different security and data breaches. But how exactly do you pay these fines and get ready for them as soon as possible? The basic way to get ready for these fines is to is to purchase a Cyber Insurance.
About 39% of companies have a staunch belief that they are ready and covered up to pay all these fines and sanctions and about 40% of companies have already bought cyber insurance in case of a breach. In most cases, Cyber Insurance will get you all covered up and will be able to cover the high and low sanctions and would readily help you in clarifying the many issues and problems that you face.