Lloyd's Of London Warns Members On Tough EU Data Rules

Law360, London (December 13, 2017, 1:21 PM GMT) -- Lloyd's of London has told businesses to boost their cybersecurity and prepare to report data breaches "responsibly" when the European Union's new information regime takes force next year.

The General Data Protection Regulation, a new European Union regime known as GDPR, will tighten and harmonize data protection for individuals in the EU and bring in rigorous requirements for the export of personal data outside Europe. It becomes law in May 2018.

Severe financial penalties will be imposed on companies that break these rules.

"Overnight, the consequences of a cyberbreach and the risk associated with the loss of sensitive data will become...

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