Ready or not, GDPR, the European Union’s General Data Protection Regulation, has arrived. And many are not ready: as recently as April 2018 it was reported that only 5% of likely affected companies were prepared to meet the stringent GDPR standards — which means they may have GDPR losses.
Insurance coverage is expected to be important in dealing with these losses. While considerations of GDPR liability often focus on the potentially large penalties, the losses take other forms as well, and raise important insurance considerations.
Not All GDPR Losses Are Fines
One example of a potentially large loss imposed by GDPR rules is the cost of notifying persons whose data you hold when there is a suspicion of a breach. While some states in the U.S. require notification to be sent when there is a reasonable suspicion due to a breach that consumer data may have been compromised, GDPR goes further. And, of course, GDPR applies to everyone in the EU. Just measuring the extent of required notification could prove cumbersome.
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Disaster-Related Hotel Business Loss Recovery - Unique Challenges
October 17, 2018 via HVS
Hurricanes Michael and Florence are both gone, but the extent of their destruction is now coming into clearer focus. Michael-caused losses in property and income are
estimated to be $15 to $21 billion, according to Moody’s Analytics.
Hotels need to focus on protecting their employees, providing them with both training and resources on what to do if they are confronted with harassing conduct, and taking appropriate action to ensure that such conduct does not recur.
