Cyber insurance is booming, but it won’t protect you from GDPR fines

The US is one of the biggest markets for cyber insurance, but you won’t be able to take out a policy protecting you from fines for breaches of the EU General Data Protection Regulation (GDPR).

The law, which strengthens EU residents’ rights relating to their personal data, applies to all organizations that collect or process such information, including many in the US. Insuring against fines would have been a massive boon for organizations, as the GDPR gives supervisory authorities the power to issue penalties of up to €20 million (about $24.4 million) or 4% of an organization’s global annual turnover,

Source: Cyber insurance is booming, but it won’t protect you from GDPR fines – IT Governance USA