Next month a new law will make the consequences of failing to protect personal data for banks and others far more serious. The General Data Protection Regulation (GDPR), which comes into force on 25 May, will be the biggest shake-up to data privacy in 20 years.
A slew of recent high-profile breaches has brought the issue of data security to public attention.
Claims surfaced last month that the political consultancy Cambridge Analytica used data harvested from millions of Facebook users without their consent.
It has been a wake-up call for data security. People are increasingly realising that their personal data is not just valuable to them, but hugely valuable to others.
Facebook to exclude billions from European privacy laws
Facebook has changed its terms of service, meaning 1.5 billion members will not be protected under tough new privacy protections coming to Europe.
The move comes as the firm faces a series of questions from lawmakers and regulators around the world over its handling of personal data.
The change revolves around which users will be regulated via its European headquarters in Ireland.