Regulators and consumers are becoming stricter about data protection.
Risk conscious firms are resorting to cyber liability mitigation and insurance products to form a key yet critical part of their risk management strategy.
As a result of our strong partnerships, Global Cyber Standard is able to provide liability insurance solutions in line with insurer requirements and introduce our clientele with perennial insurance providers.
Our suite of insurable solutions ensure that your business, directors and clientele are protected from real-world threats.
Together with Howden, we are able to provide you with the ultimate safety net.
Privacy law
Recent data breaches as well as global increase in malicious attacks have resulted in an increase social pressure which has translated into stricter confidentiality and data security in personal data regulation.
Indeed, the General Data Protection Regulation EU which is going to be applied as of May 25 2018 is a sound example of the social pressure on regulators.
Of course, we are globally at the infancy stage of cyber protection. Regulation will only get tougher and those who are not ready and proactive will face crippling fines and or more importantly a possible loss of customer trust.
In a nutshell
As a part of Global Cyber Standard, we operate in Europe, Asia, Africa and Central America
Financial
Central banks, stock exchanges, banks, investment firms, forex, fintech and more.
Transport
Airports and aviation, Ports and shipping, international trade, cargo and human logistics, automotive, automation and more.
Healthcare
Biotechnology, hospitals, research institutions, medical devices and more.
Governmental
Electricity, water authority, ministry, SEC and other organisations.
Education
Universities, schools, training centres, and language schools.
Manufacturing & Retail
Automotive, agriculture, construction, chemical, pharmaceutical, technology to name a few. As well as retail chains, franchises, FMCG, eCommerce, and other retail businesses.
What happens if there is any data breach in your organization?
If you have a data breach (depending on severity) you must IMMEDIATELY report it to your regulatory body. If the breach also has an impact on clients personal privacy, then you are obliged to inform the parties concerned.
Once the issue is fixed, a clear explanation about the nature as well as the consequences of the data breach should be provided to the authorities as well as internal shareholders. It does not end there, you must then report the measures taken, provide clear analysis of future negative impacts and define future preventions.
Organizational impact
The following are the steps every organization goes through if they face a serious cyber breach:
- Identify breach and seal the leak
- Define the stolen data
- Restore the system
- Report the crime to the regulator
It is not quite over. An organization who faces a cyber attack with a serious data breach will also face consequences:
- Potential investigation by the regulators;
- Possible liability claims;
- Potential fine;
- Public explanation of the data breach.
- Loss of income.
Cyber Risk Insurance, Protecting your future
Even when organizations have reduced their cyber risks against possible external attacks or technical malfunctions, they are not quite covered. Simple human error can still lead to a data breach. Due to multitude of cyber risk threatening business continuously, cyber insurance is strongly recommended.
Successful businesses are adding cyber insurance in line with personal professional liability insurance, and other mandatory insurances.
Gold N’ Links Cyber Insurance team have specific expertise in the field of cyber security risks. We are always here to go through your needs, evaluate your vulnerability and provide you the solution that will give you the ease you are looking for.