MTB SOLICITORS AND ARTHUR J. GALLAGHER INSURANCE BROKERS JOINTLY HOST BREAKFAST SEMINAR
On Tuesday 23rd January MTB Solicitors jointly hosted a breakfast seminar with Arthur J. Gallagher Insurance Brokers. The seminar took place at Belvoir Park Golf Club and the hot topics were GDPR (General Data Protection Regulations) and cyber-crime.
MTB’s Colin Mitchell spoke about the new GDPRegulations and what they mean for businesses going forward. A representative from Arthur J. Gallagher delivered a presentation on what insurance policies are available to help mitigate losses incurred as a result of falling victim to cyber-crime or suffering a data protection breach. We were also lucky to have Johnty Mongan, a cyber security specialist speak to us about cyber security. During his presentation, Johnty treated us to a live cyber “hack” which was nothing short of terrifying! All presentations were very sobering to say the least.
The changes being introduced by the EU General Data Protection Regulations will require businesses to focus on identifying and protecting sensitive personal data of EU Citizens by May 2018. Although Data Protection isn’t anything new, the changes being implemented in May 2018 mean that the consequences of falling foul of the regulations are a lot more severe. After 25 May 2018, any breaches of the regulations MUST be reported to the Information Commissioner’s Office (ICO) and the cap on the fine that can be issued by the ICO will increase from £500k to 20 million euro or 4% of annual turnover (whichever is larger). Further, anyone, whether employer or employee, who breaches the regulations runs the risk of being personally prosecuted.
Getting to grips with the new Regulations is critical for each and every business processing/handling personal data and it is imperative therefore that you and your business has policies and procedures in place in advance of the new regulations coming into force.
For a more detailed analysis of the new GDPRegulations, please read a previous article prepared by Andrew Morrow, Partner via the following link http://mtb-law.co.uk/1502-2/
We have a number of solicitors ready and willing to help you so please contact us if you need advice regarding the new regulations and what they will mean for you and your business.