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6 - 8 October 2020 // Nuremberg

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Exhibitors & Products it-sa 2019
Zoom product LOGO_The General data protection regulation (EU) and its insurance implications

The General data protection regulation (EU) and its insurance implications

LOGO_The General data protection regulation (EU) and its insurance implications

The General data protection regulation (EU) and its insurance implications

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The General data protection regulation (EU) and its insurance implications

Fines of up to 20 million euros or 4 percent of the company's worldwide sales, whichever is the higher, may be imposed for violations of the regulation.

Risks & insurance solutions
Increased organisational, documentation and notification duties of managers - violations of these duties can lead to manager liability and fines

SCHUNCK recommendation:
• D&O insurance – it handles the defence against unauthorised claims and thus protects the private assets of the company's executive bodies as well as the assets of the company in the event of justified claims
• Criminal legal expenses insurance on the basis of the SCHUNCK special conditions  - Compensation of specialized attorneys, reimbursement of costs for public relations work, legal protection even before initiation of preliminary proceedings

Damages actions for violation of data protection
SCHUNCK recommendation:
• State-of-the-art business liability insurance including adequate coverage for financial losses

Violation of information security, data loss, loss of reputation

SCHUNCK recommendation:
• Cyber-insurance - defence against unjustified claims and satisfaction of justified claims for damages by third parties following data loss within the scope of an insurance solution, access to a network of highly specialised service providers at the first signs of an impending data protection breach, communication in the event of a crisis.

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