Never mind the fines- it's about reputation, brand and customer relationships.
The biggest challenge for insurers may well be in the data and system silos that are a result of mergers and acquisitions over the years. A frightening 90% of data is generally not accessible and that is exactly where much personal data will be stored which will need to be retrieved to satisfy "subject access requests- SARS"
If there is one finding I would highlight over others, it’s that over 80% of jurisdictions expected compensation claims for data protection breaches to increase under the GDPR,” explained DAC Beachcroft partner and head of cyber and data risk, Hans Allnut.