The thought of the incoming General Data Protection Regulation may send some into panic but Steve Cook, managing director of Covent Bridge, says suppliers have been ahead of the game for some time through self-imposed compliance.
80% of EU jurisdictions expect compensation claims for data protection breaches to increase under the General Data Protection Regulation.
Cyber risk has reached the top of the corporate agenda as the implementation date of the General Data Protection Regulation draws nearer.
Four out of 10 brokers are unaware of incoming data protection laws that could potentially shave millions from profits, a survey found.
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.