Underwriting management company Y-Risk has expanded its cyber coverage for liability risks and costs related to the European Union's (EU) recent enactment of the General Data Protection Regulation (GDPR).
GDPR is a law that imposes strict new rules on controlling and processing of personal data.
Y-Risk is now offering its GDPR Coverage Enhancement Endorsement, providing expanded coverage for liability risks, both regulatory and private actions, arising out of the rules and obligations of GDPR.
The expanded coverage goes above and beyond GDPR’s data breach elements and responds to GDPR rules and enforcement around the improper access, use, storage, handling, and disclosure of data.
Y-Risk cyber and technology group head Wendy Dowd said: “The conversation about insurance coverage and GDPR has been largely focused on the regulatory fines and penalties.
“We went beyond the regulatory risk to include the liabilities associated with private rights of action by data subjects for violations of GDPR. Not just for claims involving unauthorized access or data breaches, but more broadly including unintentional violations involving collection, storage, and use.”
Y-Risk CEO and founder Bernie Horovitz said: “With the extraterritorial effects of this regulation, GDPR adds another layer of cyber risk for most US based companies. Even many start-ups and small businesses need to be aware, prepared, and insured for GDPR.”
Source: Company Press Release