EU Data Protection Regulations - are you prepared?

Did you know?

New EU regulations regarding data protection will come into force in 2014
Their implementation will be mandatory for all EU governments
There will be no lead in time; compliance will be necessary immediately
The liabilities of those Data Controllers and Data Processors as per the Data Protection Act 1998 will change significantly.

Impact

These regulations will impact mainly upon data you hold on your employees or commercially sensitive third party data.

If you employ more than 250 employees you will have to appoint a Privacy Officer
You will need the explicit consent of data subjects to hold the data relating to them
Data subjects will have 'the right to be forgotten' i.e. to request deletion of their data
In the event of a breach of security of data you may have to inform the Information Commissioner within 24 hours and inform all affected parties immediately thus incurring additional costs
In the event of failure to comply with the new regulations there will be a potential fine of up to 2% of global income.

How we can help:

LOCKTON CAN - advise on the impact of these new regulations

LOCKTON CAN - review your insurance cover to establish whether it is adequate

LOCKTON CAN - advise on other insurances that are available and best suited to protect your potential liabilities.