Cyber Risk and Data privacy

Cyber Risk and Data privacy

 

The new General Data Protection Regulation (GDPR) will come into effect on 25 May 2018 across the EU.

 

The GDPR emphasises transparency, security and accountability by data controllers and processors in how they collect, use and protect personal data, while at the same time standardising and strengthening the rights of European citizens to data privacy.

 

Although it replaces the existing data protection framework which is in place under the EU Data Protection directive there are some significant enhancements.  Changes under GDPR will include:

 

  • Mandatory notification to the Data Protection Commissioner within 72 hours of discovery of the breach
  • Right to sue for material and non- material damage
  • Increased fines and penalties for non- compliance
  • Obligations around requesting of, storage and disposal of personal data

 

With cyber threats increasing and the new GDPR regulations introducing higher potential fines and mandatory notification, your response to a data breach is important.

 

As part of your GDPR preparation and risk management tools, we would recommend that you consider effecting a CYBER LIABILITY POLICY.

 

Cyber liability cover will include a range of responses to a data breach to help you control and manage the impact of a cyber breach including: and can provide cover for investigation costs and insurable regulator fines in addition to damages and defence costs arising from third party liability claims arising from a failure of your network security

 

Financial costs:

  • Cost of notifying customers or regulatory authority – very relevant in context of the GDPR regulations
  • Third party liability cover legal liability to others for data breach -defence costs and damages if the business (or outsourced handling firm) causes a breach of personal or corporate data
  • Ransom payments to third parties
  • Business interruption cover caused by a security breach

 

Financial costs of data protection legislation

  • Costs of legal advice and representation in connection with a data protection investigation
  • Insurance fines and penalties levied by a data protection regulatory authority

 

Consultancy services

  • Access to a cyber incident response team
  • Expert IT consultancy for the business during and after a cyber breach
  • Access to expert PR consultancy to rebuild a company’s reputation after a cyber breach

 

Please contact a member of our Cyber / Technology Team should you wish to discuss further.

 

Call us on : + 353 1 661 80 80

Keaney Insurance Brokers Limited, 30 Lower Leeson Street, Dublin 2. Tel: (01) 6618 080
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