July 1, 2018 by Ian Phillpot, Vice President, Box Canada
The European Union (EU)’s General Data Protection Regulation (GDPR) came into effect in May, forcing drastic changes to the way businesses around the world store and manage personal data.
In Canada, leading up to implementation, these adjustments were not happening fast enough. A survey from DocsCorp found that as of August last year, 73 per cent of Canadian and U.S. companies had not started to prepare for the GDPR; fifty-four per cent did not even know the deadline for compliance.
The GDPR poses particular challenges for insurers and their customers. Brokers need to provide clients with appropriate guidance on how to: prepare data for compliance,avoid extensive penalties, and advise clients on the type of coverage they need to pursue in case of a violation.
The GDPR rules are wide-ranging. They encompass all businesses working with EU data, and include strict mechanisms for implementing tighter rules around handling of client data. The regulation applies to companies in all countries, including Canada, that have access to EU citizens’ personal information.
Read the full article in the Digital Edition of the 2018 Canadian Underwriter Statistical Guide.
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