Category Martin Hickley

Companies face 150% hike in insurance premiums as a result of GDPR

screaming man

Research on the increase in secondary costs as a result of new regulatory burdens imposed on organisations as a result of the forthcoming EU General Data Protection Regulation (GDPR) has exposed a hidden danger.

The costs of insuring against a breach of contract, litigation costs incurred as a result of cyber-attacks and compensation claims made by millions of customers for breach of their personal data records is set to escalate insurance premiums by as much as 150%, warns Martin Hickley, Director of Data Protection at GO DPO® EU Compliance, a specialist executive training company.

Hickley says: “It’s well known that most organisations impacted by the GDPR are dangerously under insured and only about 10% of them have adequate cyber insurance...

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This week’s competition is ‘spot the difference’ between DPA 1998 and GDPR

spot the differenceIt’s not as easy as it looks, is it? And that goes for the differences between the Data Protection Act (DPA) 1998 and the forthcoming EU General Data Protection Regulation (GDPR) on course to gain consent from the European Commission, European Parliament and European Council of Ministers in early January2016.

That means it will be fully implemented at the end of 2017 after the 2-year transition period expires.

Once GDPR has achieved agreement, the Data Protection Directive 95/46/EC is repealed and the basis for the DPA 1998 has effectively been removed.

The legal position as to what happens during the transition period is still to be worked out but by far the safest course of action is for organisations to comply fully with the data protection principles enshrined under the GDPR, given t...

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