GDPR: Are You Ready - Insurance Business Interviews Fifth Step CEO

All in all, the GDPR should be of significant concern to anyone in the insurance industry, but where should you start if you aren’t yet prepared?

“First of all, businesses need to understand the type of data they are dealing with, but even before that – given that time is so short – they should get an assessment,” Darren Wray, CEO of Fifth Step and GDPR author, told Insurance Business magazine.

“The reason that’s so important is because, as time is so short, they need to concentrate on the high priority items and get those done first,” he said, adding that top of the list should be “the issues that any regulator or data protection authority is going to be concerned about.”

The GDPR brings in an increased focus on accountability, including the requirement that companies are able to demonstrate that they comply with the principles – and states explicitly that it is their responsibility.

“While I’m not sure that the ICO are staffed enough to do this on a regular basis, under the GDPR they can come and ask you to demonstrate how you are dealing and complying with it,” Wray said, adding that it’s no longer necessary for a complaint to be lodged or a data breach to take place first.

To read the full transcript of the Insurance Business article, click here https://www.insurancebusinessmag.com/uk/news/breaking-news/gdpr-are-you-...