August

A new article in HR Grapevine discusses how firms will cope with the new way of managing data, specifically, how some will see it as a regulatory burden, while others will view it as a way to create a corporate culture of compliance.

The article suggests that companies need to engage the whole workforce, and that firms that really use GDPR to enhance their data protection will foster trust. Overall, it notes that while getting the hang of GDPR is onerous, creating a culture of awareness is fundamental to business security, and GDPR can bring many benefits to a business.

Although GDPR is an EU regulation, its application is not limited to the companies located within the territory of the Union. Its scope also reaches undertakings established outside the EU including Serbian, Montenegrin and Bosnian businesses.

Therefore, those entities wanting to avoid reputational damage and the risk of being exposed to the large fines which courts in EU member states may impose for violation of GDPR, should review and adapt their privacy|data protection policies and proceedings, appoint a representative in the EU, where applicable, and should not lose sight of what complying with GDPR requires.

Aon and DLA Piper recently revealed a "price and data security" guide regarding insurance for the General Data Protection Regulation (GDPR), which revealed that Finland and Norway are the only two counties where insurance for fines might be found.

The guide reviews the insurability across Europe, which can reach up to four percent of a group's annual global turnover.  Although coverage may be limited, the authors still encourage businesses to make insurance part of their risk management strategy to manage costs associated with GDPR non-compliance and resulting business disruption losses.