Are GDPR fines insurable in the countries where you operate?
The General Data Protection Regulation (GDPR), effective from 25 May, revolutionises the data protection regime and significantly affects how organisations worldwide collect, use, manage, protect, and share personal data that comes into their possession.
As personal data increasingly represents an important new class of economic asset for organisations, GDPR has significantly increased the enforcement powers available to regulators.
GDPR fines can reach up to €20 million, or up to 4% of a group's annual global turnover if higher.
The scale of these fines has understandably generated concern in boardrooms. GDPR replaces a regime under which fines for a data breach were limited and enforcement actions infrequent.
DLA Piper has partnered with AON to provide insight into the insurability of GDPR fines across Europe ands the potential financial impact of a data breach.