The General Data Protection Regulation or GDPR is new legislation, aiming to keep customer and client information safe from fraud.
The GDPR was produced by the EU to work alongside the current Data Protection Act and will apply in the UK from 25th May 2018. It will not be affected by Brexit.
Protect your business from the financial and legal hardships of a data breach by calling Sagar directly on 01282 858250.
The Data Protection Act 1998 was created when our relationship with data and personal information was a much simpler affair. The GDPR aims to prevent personal data from being exploited, by asking businesses to ensure that they have appropriate controls and processes in place when collecting and managing personal and sensitive information.
At the moment, there is no legal obligation to notify the Information Commissioners Office(ICO) of a data breach, however, under the new legislation it will be compulsory for businesses to disclose a data breach to the ICO within 72 hours. It is also likely that businesses will need to inform those individuals affected by the data breach and provide ongoing credit monitoring to ensure they are not disadvantaged by the theft of their personal information.
In the case of the most serious violations, businesses who have failed to follow proper procedures or set up proper cyber-security measures could find themselves facing fines from the ICO of up to £17 million or 4% of global turnover.
Find out how we can offer your business safety and security with cyber insurance cover from Sagar.
If you would like to speak to a specialist advisor contact Sagar today. Our experienced brokers can offer expert advice and help you choose the best cyber insurance policy for your business. Every business is unique and we tailor our policies to suit your exact requirements.