Demand for cyber risk insurance market on the rise

A substantial growth in the demand for cyber insurance in Europe is expected, subsequent to the new General Data Protection (GDPR) law, which is to be finalized by year end. The GDPR is expected to come into force by 2017 in all the EU member states, making data breach notification compulsory. It is likely that this will give more power to the regulators, along with an increase in penalties—up to $1.3 million or 2% of a company’s global annual turnover.

Source: PropertyCasualty360 (1 Oct 2015)

See also: Information Age: "New EU data law’s go-live date finally revealed – and why its costs will run into the billions" (12 Aug 2015)