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EU cyber security directive ‘looms large on 2014 risk agendas’: Marsh

Following a vote earlier in October by the European Union’s Committee on Civil Liberties, Justice and Home Affairs (LIBE), far-reaching changes to data protection regulation, which will replace 1995’s Data Protection Directive (95/46/EC), are a step closer to being introduced next year.

According to Marsh, the new regulation will result in complex technological, process and governance challenges for organizations across Europe. As well as redesigning their IT systems, companies involved in the collection and processing of personal data will also be required to update their compliance procedures.

The measures detailed in the proposed regulation include: fines of up to €100 million or 5 percent of global turnover, whichever is the greater; stringent authorisation regarding the transfer of data to non-EU countries; the ‘right to be forgotten’; and the appointment of a data protection officer in organizations that process more than 5,000 records in a 12 month period.

Stephen Wares, Marsh’s Cyber Liability Practice Leader for Europe, the Middle East and Africa (EMEA), explained: “The cost to business of implementing the changes required to comply with this piece of regulation may be significant, but the cost of failing to comply could be far greater.

“It is clear that there is a strong will from the EU to give national regulators increased powers, with the suggested fining structure acting as an effective deterrent for non-compliance.

“While the deadline for implementation next year remains fluid, organizations should start considering the effect of the regulation on their operations and begin a process for ensuring compliance. Firms should also consider the effectiveness of their existing insurance arrangements and whether there are other alternatives that could more adequately provide the protection needed to reflect their changing risk profile.”

•Date: 31st October 2013 • Europe / UK •Type: Article • Topic: Operational risk

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