The new General Data Protection Regulation (GDPR) comes into effect on 25th May 2018 and it makes it more important than ever before that your business is compliant. What’s more, having the right data protection insurance in place is crucial too.
Cyber losses and crime cost the UK economy billions every year and data has become a key asset that criminals are desperate to get hold of. Your businesses data is one of its most important and valuable assets, but it also high risk if uninsured. The new European legislation sets out rules for keeping data secure but it also comes with higher financial penalties if you do not comply. GDPR covers both data privacy and data control and security and the right insurance can protect your financially should there be issues with your levels of compliance.
What does Data Protection Insurance cover?
Data protection insurance is extremely specialised. It covers (or attempts to cover) the many potential consequences of data leak, breach and hacks. It is similar to cyber liability insurance except applies only to data and data protection breaches.
Data Protection Insurance may cover:
- The cost of security damages due to the data breach
- Ransom and extortion cover
- The cost of fines and defence should you receive a penalty due to the breach
Each policy is unique and there may be specifics to your industry to take into consideration too. The main thing for most businesses to do is ensure they review that data protection protocol and strategies in line with the new European legislation.
Data Protection Insurance with Just Quote Me
Just Quote Me employ specialist insurance professionals who work with businesses of all background. We make it our businesses to have the latest information in all relevant business areas including regarding GDPR. Get in touch today to discuss your data protection insurance policy options with us.
