Data Protection Insurance – Is your business compliant with GDPR?
Have you thought about how GDPR Insurance could help your company meet its data protection responsibilities?
The General Data Protection Regulation (GDPR) for 2018 is now mandatory under UK law. Crendon Insurance are specialist providers of data protection insurance which is a must for businesses who are looking for the most robust protection against cyber vulnerabilities.
All UK organisations must now comply with new UK and EU Data Protection reforms and if found to be in breach of the Regulation, businesses will not only incur possible loss of business and brand damage, but will also now be subject to a two-tiered sanction regime, of either €10 million (£7.9 million) or 2 per cent of an organisation’s global turnover (whichever is greater) or for more serious cases fines of up to €20 million or 4 per cent of turnover (whichever is greater) could be imposed.
The Information Commissioner’s Office (ICO) https://ico.org.uk/ is the UK’s independent body set up to uphold information rights and enforce the General Data Protection Regulation (GDPR) for both public and private sectors. The ICO has many tools at its disposal when taking action against UK companies in breach of the GDPR which include criminal prosecution, non-criminal enforcement, hefty fines and mandatory audits.
How are you covered through Data Protection Insurance?
Data Protection Insurance has been developed to try to counter some of the potentially far reaching consequences of data leaks and breaches. These have been linked with access to cyber incident response services from industry specialists as well as breach coaching and public relations management.
Typically, the GDPR insurance policy insurance will cover:
- Damages following security failure or breach of Data
- Ransom & Extortion
- Costs to engage specialist organisations to minimise any loss of reputation
- Insured GDPR fines and defence costs.
Specific insurance policies are available to cover these risks as they are not automatically insured under any standard commercial insurance or Public Liability insurance policy.
Data Protection / Cyber Liability Case Studies
You can find out further information in our Data Protection / Cyber Liability Case Studies listed below:
We will be pleased to discuss this area in more detail as well as other cyber attack & security issues to see whether there is an exposure to your business and if so, the options available to you through our annual 12 month Data Protection Insurance packages.
Get In Touch
Tel: 0121 45 45 100