How GDPR changes privacy rules. GDPR requires that insurance companies ensure appropriate security when collecting, processing and storing private data. (Photo: Shutterstock)

The General Data Protection Regulation (GDPR) is catching many organizations off guard. GDPR, which gives European Union citizens extended rights over how companies handle their personal online information and levies big fines for those that don’t comply, became law in May. Insurers aren’t immune to the law, which was brilliantly revealed in Lisa Loftis’s “Think GDPR doesn’t apply to you? Don’t be so sure.”

On the other hand, some insurers, especially those in Europe, may be more familiar with GDPR than many other professional disciplines. The number of companies investing in cyber insurance are on the rise, as companies anticipate accidental missteps, possible fines and a lawsuit or two. Larger, global insurance companies likely consider GDPR old news, as well.

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