BankInfoSecurity interviewed Zurich Insurance Senior Cyber Underwriter Thomas Clayton about the impact the EU General Data Protection Regulation has had on the cyberinsurance marketplace. Clayton said the GDPR has been a “massive concern and a big peril” for his company’s customers. Since it has gone into effect, Clayton’s company has seen “a big uptick in claims and the costs associated with breach notifications.” Clayton adds Zurich Insurance has interacted with regulators on behalf of the companies it insures. “Interestingly enough, as we're actually going to speak to the ICO, they're often a lot less concerned than we perhaps thought they were,” Clayton said. “And they are often closing off any investigations or any proceedings right at the very early stages, once they get sight of a good plan to take forward and action steps.”
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