The European Union's General Data Protection Regulation (GDPR) was adopted in 2016 to strengthen data protection procedures and practices.

All companies established or operating in the EU must comply, causing companies to evaluate their data security standards to meet compliance by the May 25, 2018 deadline.

Cyber insurers are also anticipating a shift in both coverage demand and long-term incident reporting.

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New regs

As EU and U.S. companies reevaluate their data security posture to prepare for the new regulations, and assess the hefty fines attached to GDPR laws, having a cyber insurance policy has become more attractive, says BitSight Technology's Vice President Jake Olcott.

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Danielle Ling

Danielle Ling is an experienced video journalist and business reporter. As associate editor, Danielle manages all multimedia and reports on industry news and risk-related coverage, managing all weather-related content. A University of Maryland and Philip Merrill College of Journalism alum, Danielle previously served as a video journalist for Verizon FiOS 1 News NJ, Push Pause. Connect with Danielle on LinkedIn or email her at [email protected].