How can insurance help with GDPR?

With the new General Data Protection Regulation (GDPR) coming into effect next month it’s concerning that according to Government Statistics only 38% of businesses are even aware of this new data protection act.

Unfortunately, we operate in a world where cyber attacks of one form or another have become a common part of everyday life – 46% of businesses reported a cyber security breach in 2017 (Source – UK Government Cyber Breaches Survey 2017).

This combination of increased regulation and more regular breaches means that it’s more important than ever that your business takes steps to protect itself in the digital world, even if you don’t operate online it’s likely that your systems are connected to the internet and therefore could be vulnerable.

Businesses should look at their IT infrastructure to ensure they have robust security in place to minimize the risk of a breach however it is not possible to guarantee any system is completely secure – user error or a determined hacker can often still cause a breach.

Therefore, we recommend that businesses look at Cyber Protection, here are 5 ways Cyber Insurance can help if you do suffer a breach:

1 - Investigation
Within an hour of notification you would receive expert support to identify what has occurred, if data has been affected and how the incident can be resolved

2 - Minimise Reputational Damage
You will receive professional Legal & PR advice to help restrict the reputational effect of the attack.

3 - Costs of notifying data subjects
If data is stolen, you may have a duty to notify the affected subjects and provide credit monitoring for the subjects involved. Cyber insurance can cover the cost of this along with paying any resultant liabilities you may have as a result of the security failure.

4 - Fines & Investigations
You will be provided with professional assistance to prepare for any investigations and cover for fines and penalties imposed by the Data Protection Regulator.

5 - Loss of Profits
Cover can also be provided for any loss of net profit as a result of a material interruption to your network caused by a security breach.