Twelve businesses in London have collectively been fined £14,012,500 for breaching data protection laws between 2023-2024, highlighting the severe financial and reputational risks companies face when failing to comply with legal requirements.
Data breach experts, Hayes Connor, have done a deep dive into recent ICO data to assess how the cost of a data breach is affecting local businesses in the London area.
The penalties described in each case underscore the importance of robust measures to safeguard personal information and use it responsibly.
Monetary penalties in the London area were imposed in cases following investigations by the Information Commissioner’s Office (ICO) after 17366 complaints were made collectively. The total amount businesses in London were fined was £250,000.
The reasons behind the complaints reveal significant lapses in how these businesses handle and use sensitive customer data, serving as a stark wake up call for London companies to take GDPR very seriously.
The data also serves as a call to action to victims of such breaches of GDPR to report nuisance callers and marketers, and other incidents that may be seen as minor breaches.
Richard Forrest, Legal Director at Hayes Connor, said, “From a legal standpoint, fines for data protection breaches serve multiple purposes. High fines deter businesses from neglecting their data protection obligations. The ICO’s actions demonstrate that non-compliance can lead to substantial financial consequences, encouraging other businesses to prioritise data security.
“Fines also hold businesses accountable for their data management practices. Companies are legally required to protect personal data under the Data Protection Act 2018. Legal penalties incentivise businesses to comply with data protection laws.
“The ICO takes every complaint very seriously – in fact it doesn’t always take a complaint from an individual to trigger an investigation. This should serve as a forewarning to businesses, especially small ones, to take stock of their GDPR practices, as they could be financially crippled as a result of a breach.
“Beyond fines, businesses might face lawsuits from affected individuals, leading to further financial liabilities and legal expenses.”
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