Today is the last day of consultation on the General Data Protection Regulation.
The insurance industry has critcised the government statement of intent on the new data protection bill saying it fails to address concerns on processing sensitive data without obtaining explicit consent.
Insurers will face stricter data rules but these may help them grow the cyber market, write Mark Estafanous and Kate Payne, solicitor and partner at Elborne Mitchell.
The incoming EU data protection regulation is likely to be a “shot in the arm” for the cyber market, resulting in a marked growth in cyber insurance revenues, according to AM Best.
The implementation date of the General Data Protection Regulation is less than a year off but the industry’s attention is elsewhere, with issues like Brexit, the General Election and the discount rate looming large on the horizon
Less than a third of businesses have started preparing for the General Data Protection Act despite the deadline being less than a year away.