From 25th May 2018, UK businesses and charitable organisations will need to comply with the new EU General Data Protection Regulations. We explain how they could also affect your insurance cover.
By now you are probably aware of the practical changes you need to make in advance of the new legislation, but your data processing practices are not the only thing you may have to amend.
Certain aspects of the GDPR might also affect your charity insurance. NC Insurance outlines three possible areas of adjustment:
Charity Trustee Insurance
The GDPR makes your business more responsible for handling and processing data. More stringent requirements to report serious breaches, and higher fines for breaking the rules, may place greater responsibility on senior individuals at the top of your charity.
As a result, having Charity Trustee cover in place will be more vital than ever. This cover protects decision makers from being held personally liable for cyber-breaches or neglecting cyber compliance. Without it, they could have to defend allegations with their personal finances.
If you already have this cover in place, it is a good idea to check that your liability policy does not exclude losses relating to data breaches or cyber issues. Your adviser at NC Insurance can help look over your current cover and help you to identify any weaknesses in this area.
“Silent” cyber exposures refer to potential cyber-related losses which are not covered, due to insurance policies that are not specifically designed to cover cyber risks.
The best way to ensure your business is fully protected from data-related losses is to arrange a dedicated cyber liability policy or have it included in your charity insurance package. Cyber liability insurance can be surprisingly affordable, and is becoming a necessity for all charitable organisation who handle data.
For an in-depth review of your insurance and three, independent quotes, get in touch with our team at Third Sector Protect.