With the looming GDPR on the horizon, it is essential that businesses are aware of what they can do to prepare for this new regulation.
GDPR will come in to place on 25th May 2018 and it applies to all companies that process and hold personal data of customers/ clients and there can be heavy penalties for those who do not comply with the new regulation.
Therefore, for smaller businesses with limited resources and less defined risk, protecting themselves with a cyber insurance policy is an obvious move when the consequences of a personal data breach or regulatory issue could be significant.
How can cyber insurance help your business?
- Cover provided to engage services of crisis communication experts – as per the legal and IT response will assess the scope of the incident and recommend PR costs where required. These are covered up to £25,000.
- IT Forensics costs are covered in the event of a data breach or cyber-attack, to contain, recover and assess alongside legal and PR costs where required.
- Cover includes legal liability for a data breach; this may be 1st party cover (to assess or mitigate a potential claim) or 3rd party liability (if you are found to be potentially liable).
- Post GDPR the decision to advise individuals of a privacy breach has been take away, notification is mandatory. This policy includes cover for notification costs.
- With a cyber insurance policy you are also covered for the costs relating to investigations/ fines in relation to the UK regulatory requirements and/or GDPR.
To find out more about our cyber insurance policies or to get a quote, please get in touch with us on 01782 566777 and we will be more than happy to help.