the-lightwriter / istockphoto.com
With implementation of the European General Data Protection Regulation looming, companies could be faced with hefty penalties should they not meet the new data security demands. Many firms are unprepared but there is also the possibility the fines could be insured, meaning this is now a double-edged sword for insurers. Intelligent Insurer investigates.
The European parliament’s General Data Protection Regulation (GDPR) is expected to come in to effect on May 25, 2018, and is designed to enhance the data protection rights of individuals and to improve business opportunities by facilitating the free flow of personal data in the digital single market.
It will apply to any business—including insurers—based in the EU, or any business that is processing the personal data of EU citizens.
While it aims to give control over their personal data back to citizens and to simplify the regulatory environment for international business, it has presented re/insurers with a number of significant challenges in the form of new obligations, but also opportunities within the cyber insurance market.
GDPR, Cyber, JLT Specialty, ICO, Fenchurch Law, UK, Europe