European cyber demand to grow
Friday, 07 14 2017, Category: Technology, Country: Europe
Re/insurers are taking steps to shore up their data usage as new data protection laws, the General Data Protection Regulation (GDPR) are set to be implemented across the European Union (EU), bringing an anticipated boom in cyber insurance revenues, according to A.M. Best’s recent market briefing.
The GDPR will come into force in May 2018, with the aim to simplify the regulatory environment to make data protection rules consistent throughout the EU.
Firms involved in processing personal data will have to comply with a number of new obligations including stricter data-breach reporting, in an effort to enhance transparency.