This article was focused on the financial repercussions for failing to meet cyber-security requirements in the EU. Currently, failing to meet legal requirements for cyber-security results in a fine of 500,000 pounds. The author cites a recent study that showed 7 out of 10 board members believed this punishment to be too lenient. However, by 2018 new data protection rules will increase penalties up to 20 million pounds.
This article illustrates the growing recognition of the importance of proper cyber security practices among executive management. The high number of directors that are calling for heftier punishments and stricter standards shows that these directors recognize the threat posed by a lack of cyber security and the immediate need for proper cyber security precautions.