Data protection rules expected to drive demand for cyber insurance: Official

Posted On: Nov. 16, 2017 4:35 AM CST

Jan Stok, chief executive of Hungary-based insurance broker MAI Central Eastern Europe Group Ltd., said that the European Union's incoming General Data Protection Regulation is expected to drive demand for cyber insurance, StrategicRisk reported. "In Poland, Czech Republic and Hungary, clients are starting to look into cyber risk," Mr. Stok said. There are still information gaps in how the regulation will be implemented including whether penalties can be insured, he added. The regulation, to be implemented from May 25, 2018, could lead to fines of up to €20 million ($23.5 million).