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What is GDPR, and why is an insurance policy needed For Canada?

The General Data Protection Regulation (GDPR) impact is very disruptive for many Canadian online and offline businesses. GDPR, also known as The General Data Protection Regulation,  produces a single personal privacy law throughout the European Union (EU).

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Data Protection Authority and GDPR in Canada

It has rapidly become a global privacy standard. Companies that are non-compliant with this law could be fined as much as 20 million euros or 4% of their global annual revenue (whichever is higher). 

The most crucial part of the law is to know the data a company intends to collect and why they collect it. If you have customers outside of Canada, make sure you understand what happens with their data. GDPR determines how and when a company can gather, share, store, and delete EU citizens' private information. You certainly need insurance coverage to protect in the case of data breach and handling all compliance issues.

Legal Consequence and Protection You Need

What is the impact of GDPR law on Canadian companies?

If you provide goods or services to or gather data about an EU citizen, this law applies to you. Furthermore, the law is applicable irrespective of where your company is based or charging fees from the website.

The law doesn't just apply to EU organizations, but all organizations globally touch EU citizens' data. As a company in Canada, you must be honest and open regarding how you are utilizing such information. Moreover, you must reveal why you gather data and get consent before collecting any such information. Finally, you must report the infraction within 72 hours to the authority if a breach happens.

Under what circumstances is a Canadian Firm Considered a Violation of GDPR law?
In most situations, any failure to explain and get consent for collecting data or data breach of information belonging to an EU citizen will be considered a violation of the law. There will be consequences, and the law is complex and challenging to handle. Our team is here to help you understand how to comply with GDPR and help respond to violations
What is data protection authority?

A data protection authority is an organization that controls personal data in a country. In the EU, this includes the European Commission (EC), the European Data Protection Supervisor (EDPS) and the national supervisory authorities. The GDPR defines the term "personal data" as "any information relating to an identified or identifiable natural person ('data subject'). It is a person who can be identified, directly or indirectly. It also refers to an identification number or one or more factors specific to the person's physical, physiological, mental, economic, cultural or social identity." The Data Protection Authority can fine or even shut down a business if they do not comply with data protection regulations. However, the law is tough for small businesses to know what they're legally allowed to do, as it has changed many times. Even large companies struggle to keep up with the changes and sometimes make mistakes that result in fines.

How Would A Company Protect Themselves and prepare for GDPR?

Some comprehensive cyber insurance policies may cover security failures and data breaches involving EU citizens' private information. Our insurance policy will respond by paying breach response costs, claim expenses, and any resulting damages. Similarly, the insurer policy responds by delivering on your behalf claim expenditures and regulatory penalties from a regulative proceeding arising from a security failure or data breach, including any alleged violation of GDPR.

Some insurers offer enhanced GDPR coverage to all policies by endorsement. As a result, the company will have a policy covering additional claims from GDPR that are not due to security failure or data breach. These violations, such as

-failure to abide by GDPR and privacy policy,

- concerns prohibition or restriction regarding disclosure,

- sharing or selling of individual information or the insured's policy

- concerning access to personal information or

- to amend or change personal data after the person makes a demand,

All of these could result in GDPR fines and penalties.

What product protects against the GDPR lawsuit?

If you do business worldwide, you need to consider the rule on data collection of EU customers. Cyber insurance is essential to protect your business against data breaches.

Apart from having cyber insurance, a company needs to have a Cybersecurity platform that:

  • Has with 24/7 tracking,
  • Automated security alerts,
  • Proper Staff training,
  • Access to security experts

Our company will offer the above platform on top of the conventional insurance protection to our client through the cyber insurance product. It prevents cyber incidents before they occur.

Consider our cyber security & insurance package to keep your business safe. The solution is considered the best for a company to handle cyber risk. We protect the value of your entire business, including financial, intangible and tangible damage, with up to 20 Million of the most comprehensive cyber insurance.

Don't just protect your network. Protect your business?

We provide a complete suite of security applications. The package will include:

- 24/7 safety tracking,

- automated risk and intelligence alerts,

- security benchmarking,

- DDoS mitigation,

- Ransomware security defence,

- staff member training,

- software patch update reminders to your organization

- and more

All the above features are available to customers with the insurance policy package at no additional cost.

What are the Data Protection Authority Responsibility
 1. Protecting individuals against misuse or interference with personal data held about them;
2. Ensuring that organizations comply with their legal obligations to their processing of personal data.
What is the penalty for violation of GDPR?

Failure to abide by GDPR can be a very costly proposition. The penalties are assessed at 4% of a company's global revenue for the whole year, or 20 million euros (whichever is higher).

What are the 4 principles under GSPR?
1. Data shall be processed lawfully, fairly and transparently
2. Data shall be adequate, relevant and not excessive
3. Data shall be kept secure
4. Data subjects have rights

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