The Challenge Called GDPR (General Data Protection Regulation)

The General Data Protection Regulation (GDPR) is a legal framework that applies in all Member States of the European Union (EU), replacing the patchwork of country-specific legislation. The GDPR applies from 25 May 2018 and requires all companies that collect information about citizens of EU Member States to ensure a "reasonable" level of personal data protection. The consequences of non-compliance are serious, with fines of up to 4% of a company's global revenue or up to EUR 20,000,000, whichever is higher. The aim of the regulation is to harmonize the protection of the fundamental rights and freedoms of natural persons with regard to data processing activities and to ensure the free movement of personal data between Member States. In addition to harmonizing the legislation of all EU Member States, the regulation introduces much stricter security obligations for the processing of personal data. It also sets out specific requirements on the level of security and, for the first time, introduces specific notification requirements in the event of a breach of data confidentiality. Companies can reduce the risk of incidents through appropriate technological measures, but they can also share the financial burden through insurance. Our consultants will tell you about the various insurance options available in this area.