Is Your Cyber Liability Insurance Up-to-Date?
With the new EU General Data Protection Regulation, which will be enforced in 2018, a company can be fined up to MEUR 20 if it cannot manage personal data correctly. So, now is a good time to review, and perhaps up-date, your cyber and privacy insurance.
Söderberg & Partners (S&P) is a company offering insurance and financial products, established in 2004. Through their broad expertise and extensive network of insurance providers and external partners, both in Sweden and abroad, Söderberg & Partners can offer cost-effective insurance for clinical studies, IPR and liability.
They currently employ approx. 1,200 professionals at more than 60 offices across Sweden. The group also has more than 20 offices in the other Nordic countries, plus analysis operations in London.
”In total, we have more than 1,300 employees and last year’s turnover was SEK 2.3 billion. Our total amount of indemnity is SEK 1,500 billion in securities,” says Peter Bergman at Söderberg & Partners (S&P).
Dedicated Life Science Team
S&P's customers range from young start-ups to multinational companies and their needs differ substantially. That’s why S&P are committed to tailored solutions.
"Every company has different needs and faces different risks, and we’re dedicated to providing the right solution for each customer at each moment, so they can maintain control over their risks, while focusing on their core business. We act as an external advisor and have a strong team, with complementing competencies, focusing on the life science industry,” says Ann Karlsson, Insurance Mediator at S&P, who helps S&P’s life science customers to get the right insurance cover for clinical studies, IPR and liability.
Newly founded life science companies often build up a balance sheet with a big liabilities side. Under such circumstances it’s easy to make decisions that later turn out to be disadvantageous, and costly. It’s therefore important to sign liability insurance for the board and executives right from the start.
”We offer competent advice and cost-effective solutions for directors' and officers' liability insurance, covering defence costs and any imposed costs of damages,” says Ann Karlsson.
”More and more life science companies are being listed on the stock-exchange and when making an IPO it’s good to sign a prospectus liability insurance for the CEO and board as well,” she adds.
Insurance of Sensitive Data
What happens if sensitive data, such as patient data, leaks or is hacked? S&P has very good knowledge about the new insurance products on the insurance market that cover cyber liability. S&P has also developed their own crime insurance product that provides a limited coverage for cyber liability. A combination of a crime and a cyber policy is highly recommended in order to safeguard protection and to be compliant with the new legislation.
”In Sweden, the EU General Data Protection Regulation will replace the Personal Data Act (PUL) on May 25th, 2018, enforcing new and stricter security demands for personal data. The Swedish Data Protection Authority will be able to impose pecuniary penalties on companies that do not manage personal data correctly. The penalties can amount up to 4% of the company’s turnover (with a maximum amount of MEUR 20). Since life science companies often handle this kind of data it’s very important that they have comprehensive cyber insurance,” Ann Karlsson concludes.