A new law passed by the EU on cyber security and data protection could be very beneficial to insurance companies. It will allow them to pick up more clients when the rules are finally implemented in 2018.
Under the data protection regulation and network and information security (NIS) directive, the new cyber security law will require companies to report to authorities if any of their digital networks are attacked by cyber criminals. Both of these laws have been approved during the start of the year.
There is still very limited data on how many businesses in Europe have already purchased cyber security insurance that protect them against cyber criminals.
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