With the EU’s Global Data Protection Regulation Quickly Approaching, Policyholders Should Act Now to Maximize Insurance Coverage for Its Potentially Staggering Liabilities

May 25, 2018 should be a day circled on many company calendars. On that day, the European Union’s long-awaited Global Data Protection Regulation (“GDPR”) will go into effect.  It is crucial for U.S. companies to prepare for the GDPR, as they, too, will be required to comply with a new set of data privacy rules if they are handling data from EU-based customers, suppliers, or affiliates. As long as you collect personal or behavioral data from someone in the EU, you must comply with the GDPR. Those not in compliance with the GDPR stand to face potentially crippling fines for the unlawful collection of data. Specifically, companies that violate its rules may be assessed fines of up to 4% of their previous year’s annual global turnover or 20 million Euros, whichever is greater.  It is therefore incumbent upon policyholders to create a careful risk management strategy to prepare for and minimize these potential risks well before any adverse…

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