Board-member Insurance against GDPR Fines

This is still a very diffuse subject, not many insurance companies are yet offering anything as its very difficult to calculate the exact risk and therefore the price of the insurance. Here is what Warren Buffett had to say about that recently;

cyber insurance

Showing his concern about the threat to the insurance industry, CEO of multinational conglomerate Berkshire Hathaway Warren Buffett has said that cybersecurity risks will get worse in the years to come.

“Cyber is uncharted territory. It’s going to get worse, not better,” CNBC quoted Buffett as saying at the company’s annual meeting held at Omaha city in the US state of Nebraska late on Saturday.

He said he believed that cybersecurity incidents would rise and with it the potential to significantly harm the insurance industry.

“There’s a very material risk which did not exist 10 or 15 years ago and will be much more intense as the years go along,” he added.

Buffett said he does not want “much underwriting exposure to cybersecurity threats for Berkshire’s insurance businesses”.

 

READ ALSO: PWC – European Insurance Sector Adopting Blockchain to Protect Data

 

If you are from an insurance company and offer services in this field please write to us:

info@gdprwatchdog.org

GDPR Watchdog is currently investigating insurance options for the DPO – Data Protection Officer and the Board-Members against the fines to be imposed by the DPA – Data Protection Authorities and the EU commission in case for international cases.

This page will be updated as relevant information becomes available.