A representative study on behalf of the German Insurance Association (GDV) has shown that 4 percent of SMEs reported data breaches to customers and authorities since the GDPR came into force on 25 May 2018.
These statistics show that the implementation of data compliance systems should remain a top priority, just as the need to prepare for a breach scenario should.
These, and considerations around business interruption, data breach notifications and increasing liability risks will continue to be major drivers of the need to maintain and update cyber insurance coverage.
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