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MEP Jan Philipp Albrecht’s recent report on the European Commission’s draft regulation suggests companies seeking to process data in countries outside of the European Economic Area that have not been designated as meeting EU standards should have to provide “financial indemnification” to individuals for data breaches, reports Out-Law.com. The need for insurance products “to transfer risk for the data processor or controller has grown,” said Pinsent Mason’s Ian Birdsey. “While a standard professional indemnity policy may have been considered adequate five years ago, both companies and insurers have appreciated the need for specialist insurance products dealing with the myriad data risks.”
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