Don’t Look for Insurance to Cover New EU Privacy Fines

• Most EU countries don’t allow insurance to cover new privacy law’s costly fines • Companies can get insurance to cover other privacy, cybersecurity risks

Companies faced with fines under the European Union’s new privacy regime are unlikely to lower their financial risk by buying insurance to cover the costs.

The General Data Protection Regulation (GDPR), taking effect May 25, is aimed at giving consumers more control over how their personal details are used. Businesses that don’t follow the GDPR’s protections could face fines as high as 4 percent of annual worldwide revenue or 20 million euros ($23.5 million), whichever ...