Since May 2018 UK businesses need to comply with the new EU General Data Protection Regulations. Did you know the change in regulations could also affect your insurance cover?
From 25th May 2018, your business will need to comply with the new EU General Data Protection Regulations (GDPR).
By now you are probably more aware of GDPR and have already made the practical changes required to adhere to the new legislations, but your data processing practices are not the only thing you may have to amend.
Certain aspects of the GDPR might also affect your insurance, amb insurance services outlines three possible areas of adjustment:
The GDPR makes your business more responsible for handling and processing data. More stringent requirements to report serious breaches, and higher fines for breaking the rules, may place greater responsibility on senior individuals at the top of your company.
As a result, having Directors’ and Officers’ (D&O) cover in place will be more vital than ever. This cover protects decision makers from being held personally liable for cyber-breaches or neglecting cyber compliance. Without it, they could have to defend allegations with their personal finances.
If you already have D&O cover in place, it is a good idea to check that your liability policy does not exclude losses relating to data breaches or cyber issues. Your adviser at amb insurance services can help look over your current cover and help you to identify any weaknesses in this area.
“Silent” cyber exposures refer to potential cyber-related losses which are not covered, due to insurance policies that are not specifically designed to cover cyber risks.
For example, imagine an organisation was infected by malware which caused electronically-controlled manufacturing equipment to fail, resulting in injuries to factory-floor employees. If their manufacturing insurance does not specifically include cyber threats, they may not be able to claim on it.
The best way to ensure your business is fully protected from data-related losses is to arrange a dedicated cyber liability policy. These are surprisingly affordable, and becoming a necessity as businesses across all industries handle data.
For an in-depth review of your organisations’ exposure to cyber risks, get in touch with our insurance experts today. We can provide you with
amb Insurance Services Ltd
2 Woodland Avenue
T: +44 (0) 1782 740044
Registered in England. No.4923995.
Registered office Hillcrest House
Authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 303326.
In the event of any complaint you are entitled to refer your complaint to the Financial Ombudsman Service at:
Financial Ombudsman Service
Harbour Exchange Square
Tel: 0207 964 1000
The Financial Ombudsman Service will only be able to consider your complaint after we have had the opportunity to consider and resolve this.
If you bought your policy online then and if you are unhappy with the product or the service you received, you can also use the European Commission’s Online Dispute Resolution service to make a complaint. The purpose of this platform is to identify a suitable Alternative Dispute Resolution (ADR) provider and we expect that this will be the Financial Ombudsman Service.
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