The Information Commissioner's Office (ICO) does not require the Companies to give details about losses, but the Irish Data Protection Authorities have stated that Companies, which have misplaced the personal records of more than 100 people, will have to give a statement for the data safety violation.

If the organization loses the data, which includes sensitive or pecuniary information about someone; but the data is of less than 100 people, then also it will have to report the matter to the said authorities.

Such Companies will also be required to give a written statement that they will not commit the same mistake again.

Deputy Information Commissioner, David Smith said, “Companies could soon be forced to report all serious data breaches to the ICO after an upcoming review of a European Union Directive on this issue”.

There are certain reports that state that the telecom Companies will be required to conform to this regulation.

However, organizations can save themselves from this rule if they show that their records are written with a special code and they cannot be accessed by everyone.

Presently, the executives are arguing whether the system for reporting for lost data should be initiated or not.