The GDPR, which is set to come into force in the EU in May 2018, will introduce major changes to European data protection law, including stronger enforcement powers and higher fines, with potential liability set at up to 4 percent of global turnover
Aon's new solution, EU Data Protect, will help to protect against some of the potential financial impacts of the regulation.
EU Data Protect includes a GDPR readiness assessment tool that will assist organisations with identifying, prioritising and remediating gaps in their compliance programmes, as well as a cyber impact analysis that employs sophisticated modelling of the financial impact from data breaches under GDPR.
Further functionality includes an EU GDPR insurance endorsement that acknowledges the regulation in a qualifying cyber policy, and access to specialist post-event advisory services.
“The GDPR represents a significant regulatory challenge facing firms that do business in the EU,” explained Renette Pretorius, cyber practice leader at Aon's Global Broking Centre in London.
“Its mission is to give citizens back the control of their personal data and equip regulators with sufficient enforcement powers to address the evolving digital landscape and tougher privacy challenges—a change heavily felt across many companies. All businesses operating in the EU, no matter where they are located, should prepare for the impact of this regulation.”