In the past two years, multiple state bills that have been introduced in the US to provide for cybersecurity requirements and standards to the insurance sector, with recent legislative activity taking place in particular within the States of Ohio, South Carolina, and Michigan. The entering into effect of multiple state laws in this area may present challenges for insurance providers operating in states where such cybersecurity requirements are provided for.
The sky has not fallen. The Internet has not stopped working. The multi-million euro fines have not happened (yet). It was always going to be this way. A year has gone by since the General Data Protection Regulation (Regulation (EU) 2016/679) (‘GDPR’) became effective and the digital economy is still going and growing. The effect of the GDPR has been noticeable, but in a subtle sort of way. However, it would be hugely mistaken to think that the GDPR was just a fad or a failed attempt at helping privacy and data protection survive the 21st century. The true effect of the GDPR has yet to be felt as the work to overcome its regulatory challenges has barely begun. So what are the important areas of focus to achieve GDPR compliance?