LONDON, Nov. 7, 2016
/PRNewswire/ -- Sweeping changes to data protection law
including stronger enforcement powers and higher fines will come
into force for every organisation in every country
having operations in the European Union (EU) on 25 May, 2018 with the EU General Data Protection
Regulation, or GDPR. In response, Aon plc (NYSE:AON), the leading
global provider of risk management and human resource consulting
and outsourcing, today announced the launch of Aon's EU Data
Protect, a newly created comprehensive risk management solution
that helps organisations prepare for the GDPR and protects against
some of the potential financial impacts of the regulation.
Aon's EU Data Protect includes:
- GDPR Readiness Assessment: A tool to assist
organisations identify, prioritise and remediate gaps in their
compliance programme and understand and mitigate data protection
risks in accordance with GDPR
- Cyber Impact Analysis: Sophisticated modelling of the
financial impact from data breaches under GDPR and more broadly to
provide a comprehensive understanding of the cyber exposures facing
the business
- EU GDPR Insurance Endorsement: This acknowledges the
GDPR in a qualifying Cyber Policy which includes fines and
penalties where insurable by law and costs of defending regulatory
action. This Endorsement also provides for some regulator
required experts' fees arising from certain loss events
- Incident and Claims Response: Access to specialist
post-event advisory services, including incident response, digital
forensics and claims handling capabilities to expedite remediation
and claims settlement
"The GDPR represents a significant regulatory challenge facing
firms that do business in the EU," said Renette Pretorius, Cyber Practice Leader, Aon's
Global Broking Centre in London.
"Its mission is to give citizens back the control of their personal
data and equip regulators with sufficient enforcement powers to
address the evolving digital landscape and tougher privacy
challenges – a change heavily felt across many companies. All
businesses operating in the EU, no matter where they are located,
should prepare for the impact of this regulation."
The regulation introduces stricter requirements on organisations
processing personal data, a mandatory data breach notification
regime and tougher enforcement powers for regulators including
fines of up to 4% of annual worldwide turnover and strengthened
audit and investigatory powers.
Andrea Garcia Beltran, EMEA Cyber
Sales Leader, Aon's Global Broking Centre in London added, "Organisations that do not
identify and address compliance gaps in their marketing practices,
data handling and data breach response protocols do so at their own
peril. Business interruption losses are appropriately 'front of
mind' for many EMEA organisations, but potential liability of up to
4% of an organisation's turnover must be added in to the risk
management thought process."
Aon's expertise in cyber risk management is deep and extensive.
Most recently, Aon acquired Stroz Friedberg, a global leader in
cyber security; and released Aon Cyber Enterprise Solution™, a
property/casualty and Internet of Things insurance solution that
offers comprehensive enterprise-wide coverage against cyber
risk.
About Aon
Aon plc (NYSE:AON) is a leading global
provider of risk management, insurance brokerage and
reinsurance brokerage, and human resources solutions
and outsourcing services. Through its more
than 72,000 colleagues worldwide, Aon unites to empower
results for clients in over 120 countries
via innovative risk and people solutions. For
further information on our capabilities and to learn how we empower
results for clients, please
visit: http://aon.mediaroom.com.
Aon UK Limited is authorized and regulated by the Financial
Conduct Authority.
FP: GBCFPS0008
Follow Aon on Twitter: https://twitter.com/Aon_plc
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Media Contact:
Cybil
Rose, +1.312.755.3537, cybil.rose@kemperlesnik.com
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