GDPR fines could reach the greater of 20 million Euro or 4% of your gross annual global revenue. Are GDPR fines insurable ?
According to MARSH ANALYSIS, insurability will vary by location, Policy, and Law. Key factors will include:
- Specifics of insurance contracts: Which policies might provide coverage? Do they expressly provide or preclude coverage? Choice of law provision in the policy.
- Decisions by courts in relevant jurisdictions, once the issue enters the legal system.
- Nature of the fine or penalty – civil or criminal – and how egregious the non-compliance.