Supporting Programme 2018
Oskar Schunck - EU-GDPR – How do the changes to the EU-GDPR affect your insurance coverage?
The EU-General Data Protection Regulation (EU-GDPR) aggravates the liability for companies and came in force on 25 May 2018 within the EU. In addition to the GDPR, the new Federal Data Protection Law (FDPL) came in force at the same time. Among other things, the purpose of the FDPL is to fulfill requirements for the national implementation of the GDPR and, for example, to specify regulations for the criminal law regarding data protection.
According to the old FDPL, administrative offenses could be fined up to a maximum of EUR 300,000. According to the new FDPL fines of up to EUR 20 million or 4 percent of global corporate sales are possible.
It is strongly recommended to cover risks by D&O Insurance (especially for executive board members, managing directors, supervisory board members, other executives etc.), a Criminal Law Insurance (for all employees of insured companies) and a Cyber Insurance (for risks associated with IT structure) against effects of the GDPR. All insurance contracts should be up to date. Then, usually, no explicit adjustment is required due to the GDPR. Sums insured should be as high as possible. Worst-case scenarios repeatedly show that claims are often much higher than previously thought.
--- Date: 10.10.2018 Time: 2:00 PM - 2:15 PM Location: Forum M10 - Management