GDPR Fines & Cyber Insurance

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.

 

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https://www.marsh.com/ie/insights/research/gdpr-fines-and-penalties-insurability-will-vary-by-location-policy-and-law.html