A new analysis by Frances data protection authority, CNIL, estimates that the GDPR has delivered significant cybersecurity benefits across the EU, preventing cyber-related losses of up to 1.4 billion since its 2018 implementation, Cybernews reports.
In France alone, the avoided damages from identity theft range from 90 million to 219 million. CNIL emphasizes that these figures only account for identity theft, suggesting the real benefits could be much higher if ransomware, malware, and botnets were included. The watchdog likens GDPRs effect to herd immunity, creating a system-wide uplift in resilience against cybercrime. Without regulation, CNIL warns, companies would likely underinvest in cybersecurity, heightening the risk and profitability of attacks like ransomware. The study also highlights how GDPR-mandated breach disclosures have reduced identity theft by up to 6.1%. Crucially, 82% of the avoided losses were realized by businesses, underscoring the regulations broad economic value, despite a record 1.2 billion fine against Meta for non-compliance.
In France alone, the avoided damages from identity theft range from 90 million to 219 million. CNIL emphasizes that these figures only account for identity theft, suggesting the real benefits could be much higher if ransomware, malware, and botnets were included. The watchdog likens GDPRs effect to herd immunity, creating a system-wide uplift in resilience against cybercrime. Without regulation, CNIL warns, companies would likely underinvest in cybersecurity, heightening the risk and profitability of attacks like ransomware. The study also highlights how GDPR-mandated breach disclosures have reduced identity theft by up to 6.1%. Crucially, 82% of the avoided losses were realized by businesses, underscoring the regulations broad economic value, despite a record 1.2 billion fine against Meta for non-compliance.
