The U.K. government has proposed a series of new incentives and data regulations for businesses following a thorough review of the nation’s cybersecurity.

According to The Stack, the review calls for the implementation of a General Data Protection Regulation (GDPR). This would include using financial sanctions to improve data security in U.K.-based organizations. The rule could go into effect by as soon as 2018.

If GDPR is passed, U.K.-based companies would be required to report all cybersecurity breaches to the Information Commissioner’s Office (ICO). Customers would also have to be notified, too. What’s more, certain businesses would have to undergo official data protection impact assessments, and report to data officers.

Under the GDPR, sanctions could be imposed on companies that fail to adhere to recommended data security policies.  And companies would also be subject to class action lawsuits from consumers.

While this plan certainly won’t stop cybercrime, it could go a long way in protecting consumers as it will force businesses to be proactive about cyberthreats.

Unfortunately, is something that  many businesses are neglecting. According to a recent study featured in HBR, just 38 percent of directors reported having a high level of concern about cybersecurity risks.

“Cybersecurity is a big issue, but there is a broad spectrum of risk in this business, so it is a key factor among several,” stated one director who participated in the study.

Here at Apex Technology Services, cybersecurity experts serving the greater New York City area and beyond, we urge all customers to start taking cybersecurity seriously. The government should not have to strong-arm businesses into protecting their digital assets.

To learn how Apex can protect your business, click here.

A new breed of hacktrepeneurs has awoken and they have little to fear and everything to gain by infecting as many companies as possible and extorting money from them. Apex Technology Services stands ready to protect your company regardless of whether it’s located in New York City; White Plains, New York; Connecticut; Australia; Europe; or anywhere else. Our full suite of cybersecurity and IT support services is at your disposal, enabling you to spend less time worrying about and more time growing your business.

To ensure your security, consider one of our most popular services — Auditing & Documentation — which pinpoints vulnerabilities in your infrastructure, process flow and internal security procedures.