Why do I need data protection insurance?
‘Data protection’ is a particularly hot topic with the incoming General Data Protection Regulation (GDPR), due to be live in May 2018. GDPR is essentially about making sure your business is doing its utmost to protect data/information you hold on third parties, with their consent – be they clients, suppliers, tenants et al. The more detailed information you hold, the better protected it needs to be.
There are already data protection rules and regulations, but the GDPR significantly ups the stakes, with tighter legislation and increased fines for data breaches.
Should you have a data breach once GDPR is in effect, then having data protection insurance will be a huge help and could also mitigate some of the fines. This is because a policy will respond to the breach by quickly investigating the details of the problem, its extent and who has been impacted. It can then communicate with the Information Commissioners Office, data subjects and other interested parties as well as providing public relations support and incident response procedures in line with the requirements of the regulations.
In addition the policy can deal with litigation, viruses, ransoms, fraud and a range of other problems that can come with a data breach. In the insurance industry, data protection insurance is more commonly known as cyber insurance and more information on what it does and how it can help can be found here.
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