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Cyber Insurance: Is your company prepared for LGPD?

By October 16, 2020 No Comments

The LGPD - General Data Protection Law (Law 53/2018) it was recently sanctioned and came into force in Brazil following the same concepts as the GDPR (European Data Protection Law). With the new law, Brazil be part of countries that have specific legislation for the protection of personal data and the privacy of its citizens, creating a landmark in the country and causing companies to start a race against time to adapt all processes to the measures required in the LGPD.

The law establishes that companies comply with a series of measures, the main ones being:

(i) governance and processes established for data collection and control;

(ii) security measures, control and prevention of data leakage;

(iii) data subjects have free access to data consultation, processing and completeness.

Companies will have to demonstrate and prove compliance with data protection rules, and in case of non-compliance with the law there are fines of up to 2% of gross revenue, for infringement, limited to R$ 50 million.

Several companies are already reviewing the processes to adapt to the LGPD, including creating new flows, but many are still unaware that Cyber Insurance (Data Protection and Cyber Responsibility Insurance) can bring even greater security to the operation. Yes, Cyber Insurance is very modern and is already fully adapted to the LGPD, even covering fines.

The Insurance basically has 2 major groups of coverages:

(i) incident response coverage that cover the insured's own losses, such as digital forensic services, data restoration and recovery costs, costs of restoring personal and society image, costs of notification and monitoring, lost profits due to network interruption; 

(ii) liability cover that cover third party losses such as fines, damages and defense costs.

Want to know more about Cyber Insurance? Get in touch with our team and bring more security to your operation

 

About ĀIO Corretora

Conceived by professionals with over 20 years of experience in the market, the 
ĀIO Brokerage operates in a differentiated way with a focus on the quality and innovation of its services.

Our experienced and passionate team uses technology and information to offer qualified advice, risk analysis and a complete portfolio of insurance and benefits.

We work with the main insurance companies, reinsurers and operators in the market to offer peace of mind to our customers.

About [SAFEWAY]

SAFEWAY is an Information Security consulting company, recognized by its clients for offering high value added solutions through projects that fully meet business needs. During these years of experience, we have proudly accumulated several successful projects that have earned us credibility and prominence in our clients, which constitute in large part the 100 largest companies in Brazil.

Today, through 22 strategic partnerships with global manufacturers and our SOC, SAFEWAY is considered a one stop shopping with the best technology solutions, processes and people. SAFEWAY's SOC uses QRadar to monitor customer environments.