Data Protection Insurance is becoming mandatory under new regulation by EU Parliament. We provide Data Protection Insurance cover to businesses who are looking for protection.
EU Data Protection Regulation is becoming legislation for all UK & EU organisations, who must now comply with new Data Protection Insurance reform and if found to be in breach, businesses will not only incur possible loss of business and brand damage, but will also now be subjected a maximum fine of up to €20 million or 4% of global annual turnover.
The Information Commissioner’s Office (ICO) is the UK’s independent body set up to uphold information rights and enforcement of the UK Data Protection Act. The ICO has many tools at its disposal when taking action against UK companies in breach of the Data Protection Act 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 Data Protection insurance policy will cover:
- Damages following security failure or breach of Data
- Ransom & Extortion
- Costs to engage specialist organisations to minimise any loss of reputation
- Data Protection fines and defence costs.
Specific insurance policies are available to cover these risks as they are not automatically insured under any standard Public Liability insurance policy.
We will be pleased to discuss this area in more detail as well as other cyber 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