We’re all familiar with some of these headlines in the news: ‘Top bank is hacked’, ‘University marketing department laptop stolen’, ‘Dating site customer database compromised’. Have you ever considered how your business would cope if your customer data was unlawfully obtained by a third party?
We live in an age where data hacking is common place, and intellectual property is becoming more and more valuable. Some of the costs that a data breach can incur are phenomenal, but you can plan for this eventuality by taking out Cyber Liability Insurance.
EU authorities agreed tough new data protection laws in December 2015. The move will result in higher fines, compensation payouts and data breach costs for companies. The new laws, which will apply across the EU from early 2018, will bring the region more in-line with the US, where strict data protection laws have massively increased the cost of data breaches. With this law coming into place, having cyber liability insurance more important than ever.