GDPR is a major new EU regulation update which has forced every business to think about how they store, manage and process personal data in the digital age. As technology becomes increasingly important for successful operation, the value of a strong cyber liability insurance policy will only continue to grow.
Fail to comply with the updated GDPR privacy and data protection laws and a business could be hit with a fine of up to £20 million or 4% of annual global turnover – whichever is greater. No business is immune from these penalties and even SMEs must do everything possible to properly protect any personal data.
Whilst it’s not possible to purchase insurance that protects against non-compliance with the latest GDPR laws, it is possible to limit the consequences of a GDPR fine in the event of an insurable cyber-attack. Should the worst happen and a data breach occur, appropriate GDPR cyber insurance could allow you to keep trading with minimal financial and reputational damage - providing protection against any regulatory fines incurred following an insurable loss
One in five small businesses fall victim to cybercrime each year. Of those, about 60% go out of business within six months of an attack. A suitable cyber insurance policy with GDPR provisions can protect you from the financial and emotional distress of any subsequent litigation – even if the breach was caused by an employee error, a third-party storage provider, a hacker, the malicious behaviour of an employee or another factor outside your control.
GDPR isn’t going away. So why not place any potential problems in the hands of knowledgeable specialists who will fight hard to ensure a fast resolution on your behalf?
Complete protection to help you mitigate the problems surrounding cyber breaches.
Discover the true value of a cyber insurance policy get in touch or call 01785 255514 for free expert advice.
Nowell & Richards has a detailed understanding of the GDPR Cyber Insurance market. No matter how specialised your needs may be, our expertise will keep you covered.
Discover the true value of a cyber insurance policy, get in touch or call 01785 255514 for free expert advice.