Marsh, a global leader in insurance broking and risk management, has published a report which suggests that firms could gain a competitive advantage by developing their cyber security and information management systems around the requirements of the EU’s new data protection framework, the General Data Protection Regulation (GDPR).
Launching the report, Data is an asset: it deserves protection; it offers opportunity, Peter Johnson, Cyber Risk Leader, Client Advisory Services, Marsh UK & Ireland, commented, “Rather than regarding compliance with the GDPR to be a costly and disruptive undertaking, Irish firms should see it as an opportunity. These organisations can improve how they safeguard personal information, boost their understanding of how data can add value to their business, and forge a new relationship with clients based on enhanced transparency and security that can further build trust.”
With less than one year until the implementation of the GDPR, Marsh’s report highlights how forward-thinking firms can leverage the GDPR’s framework to improve their information management and cyber security systems, strengthen their organisational risk culture and reduce data protection costs, while ultimately enriching their customer value proposition.
In preparation for the most significant change to the EU’s data protection laws in over 20 years, firms need to review their procedures for managing personal data. In addition, Marsh recommends that firms should re-examine their current insurance arrangements to ensure that any applicable indemnity limits will cover the costs associated with investigations and breaches under the GDPR.
Charles Barry, Regional Leader, Marsh Ireland, added, “The GDPR will go a long way towards helping Irish firms repair the breakdown in trust with their clients in terms of how personal data is used, enabling proactive businesses to take greater advantage of the data-driven economy.