New York, Feb. 25, 2020 (GLOBE NEWSWIRE) -- With the introduction in May 2018 of the European Union’s (EU) General Data Protection Regulation (GDPR), 2019 was expected to be the year of enforcement, with regulators using extended powers to set a higher bar for managing individuals’ data.
Regulatory activity certainly increased in 2019 compared to previous years. Some headline-grabbing fines were issued, with social media giants being notable recipients of some of that attention. However, the widespread use of ‘mega fines’ did not materialize, according to research by leading cyber insurer Beazley. What was evident in 2019 was a more varied than expected approach to enforcing the new rules by different regulators.
The latest Beazley Breach Insights report analyses the actions of data protection regulators across the EU in 2019 and the impact on organizations based elsewhere that are nonetheless subject to the rules through their business structure or customer base.
While fines handed out by the Information Commissioner’s Office in the UK have been relatively rare, other European regulators have been more active. GDPR fines have been issued more regularly across Belgium, Bulgaria, France, Germany, Greece, Hungary, Italy, Lithuania, Netherlands, Norway, Poland, Romania, Spain and Sweden.
Katherine Keefe, head of Beazley Breach Response Services, said: “In the first full year of the GDPR we have noted a varied approach to enforcing data protection rules by EU regulators alongside a general rise in regulatory activity.
“The extraterritorial provisions within the GDPR means organizations in the US and other non-EU territories may be subject to the GDPR due to having either customers or offices in countries subject to the rules. It is therefore all the more important that they track the enforcement developments to understand how they could be affected. Knowing how to manage and report a cyber breach helps organizations to both prevent and recover from an incident and avoid a sizeable fine if the breach is mishandled.”
Follow this link to read the full Beazley Breach Insights report.
Note to editors:
Beazley plc (BEZ.L) is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America and Asia. Beazley manages seven Lloyd’s syndicates and in 2019 underwrote gross premiums worldwide of $3,003.9m. All Lloyd’s syndicates are rated A by A.M. Best.
Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com
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