UK set to dish out massive fines for companies that get breached

Even though the TalkTalk hack happened last October, it's still sending ripples through the cyber-security world. The Department for Culture, Media and Sport gave a number of recommendations, following the breach, it was said on Monday morning.

Among the recommendations is the idea of fining companies that fail on cyber-security, as well as the idea of linking the CEO's pay to effective cyber-security.

It should be easier for consumers to get compensation if their information was compromised in an attack, it was said, and the government should run a public awareness campaign about the dangers of the cyber-world.

Companies that fail to report on data breaches on time, should also be fined, it was said.

These recommendations are very similar to what the EU GDPR (European Union General Data Protection Regulation) will be enforcing soon enough. The GDPR will force companies to stick to an industry standard when it comes to cyber-security practices.

It will also force companies to notify the public within 72 hours of a data breach. Large fines are planned for companies that do not comply with the new rules and regulations. Businesses could be fined up to €20 million in damages, or 4 per cent of global revenue, whichever is higher.

Cyber-security has become a hot topic nowadays, with data theft almost becoming an everyday occurrence. User credentials from MySpace, LinkedIn, Twitter and many others have been leaked online just recently.