With D-Day for GDPR enforcement less than six weeks away, La Playa's Science & Technology practice director Hanna Beaumont warns innovative and disruptive businesses that now's the time to identify your increased risks and overhaul your Cyber Liability Insurance.
The new General Data Protection Regulation (GDPR) brings a duty to report data breaches, with widespread implications and new financial risks:
- 72-hour breach reporting deadline
- Fines of up to 4% of turnover or €20m
- Personal data leaks likely to trigger follow-on claims
- Footing the bill for costly breach investigations
"Don’t make the mistake of assuming your Directors & Officers insurance will pick up the tab if you fall foul of this regulation or suffer a data breach. Cyber insurance is a complex area and needs to be tailored to your particular risk exposures – based on your business plan. It’s highly unlikely an off-the-shelf policy will protect a typical innovative or disruptive business in the Cambridge hub".
Hanna Beaumont, La Playa
How can Cyber Insurance protect me under GDPR? How can I prepare? What do my staff need to know? Read the full blog post here.
The new GDPR may mean you need to increase your cover limits, or extend your protection across extra risks.
To talk it through with an expert, call Hanna Beaumont on 01223 200664 or email email@example.com