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
• 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
• State-of-the-art business liability insurance including adequate coverage for financial losses
Violation of information security, data loss, loss of reputation
• 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.