According to law firm DAC Beachcroft, new European data protection law that will enforce mandatory breach notifications will effectively increasing the cost of data breaches.
DAC Beachcroft believes that the increased cost of cyber breaches necessitates the need for standalone cyber coverage. Current regulatory and legal trends are expected to result in successful claims for damages in the event of cybercrime. Hans Allnutt, a senior attorney and partner at DAC Beachcroft, believes, “the proposed EU Data Protection Regulation should be much clearer on the type of compensation that can be sought.”