In May 2018, the General Data Protection Regulation (GDPR) will come into force. You need to start preparing now for the changes in the rules concerning data, and how your business handles it.
The goal of this new regulation is to give individuals greater control over their own personal data and how businesses use it. Businesses who are not compliant or who experience a data breach could face large fines of up to 20 million Euros or 4% of their global turnover, whichever is the greater amount.
GDPR is set to change the face of how organisations look after the personal data of customers, and staff. The basic objective is to enforce stronger data security and privacy rules among organisations when it comes to protecting personal data.
Are you ready and do you have the right insurance cover in place, in case of a data breach?
The new GDPR regulations are complicated but there are four key steps you need to take before May 2018:
- Auditing all your current data protection measures within your business
- Documenting all the information you currently hold
- Making sure that all your data collection and procedures are GDPR compliant
- Ensuring that you have the right insurance policy in place to cover your business against the risks that your business could face.
All these processes will take some time. Medium and large organisations, could need to appoint a data protection officer, to take responsibility for the way they handle and process personal data.
For smaller businesses, who may have issues with the workload and the complex task ahead, there are third party experts such as local consultancies and security firms who could provide help.
What could happen if there is a data breach and why is it so important to be protected?
The new GDPR regulations state that any data breach needs to be reported within 72 hours. The rules are also quite clear on the fact that it will be your business that foots the bill, whether it’s an employee or a malicious attacker, who instigates the data breach.
If the worst happens, are you covered?
Allied Insurance Services offers comprehensive protection for your computer systems and data. Our experts will take you through the process to ensure that you are covered, should your business experience a data breach.
If you have the right data breach insurance cover in place, you will benefit from processes that could help restore your business capability and get you back in business swiftly. These include:
Reimbursement of funds from a data breach or cyber-attack
Loss of funds can come from:
- An unauthorised electronic funds transfer
- Theft of money or other financial assets from your bank by electronic means
- Theft of money or other financial assets from your corporate credit cards by electronic means
- Any fraudulent manipulation of electronic documentation whilst stored on your computer systems
- Any phishing, vishing or other social engineering attack against any employee or senior executive officer that results in the transfer of your funds to an unintended third party
Theft of Personal Funds
In addition to the reimbursement of funds to the business, your insurance cover will reimburse any senior executive officer for personal financial loss as a direct result of any third party compromising the company’s network security, including:
- The theft of money or other financial assets from a personal bank account of the senior executive officer
- Identity theft of the senior executive officer because of a privacy breach suffered by the business
Legal and PR
Expert legal and PR consultants will formulate a plan to contain and restore any damage to your business reputation, following a data breach.
Customers who’s records and data have been affected by a data breach will be notified and monitoring can take place to prevent further losses.
Fines and Investigation
If you are subject to any investigations, your insurance policy will cover payment of insurable fines and penalties imposed upon you and your business.
The following defence costs and damage liabilities are also covered:
- Any breach of personal or corporate data
- Contaminating someone else’s data with a virus
- Theft of a system access code
- Theft of hardware containing personal data
- A negligent act or error by an employee
Allied Insurance Services, data breach insurance cover will protect your business against claims made against it for failing to keep customers’ personal data secure and will cover the costs associated with regulatory investigations.
GDPR will be here very soon. It is essential that you are prepared and covered against any risks. Get in touch today, before it’s too late!