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Cybersecurity in Europe is Improving Thank You GDPR

By Jake Olcott, VP of Strategic Partnerships at BitSight

After years of debate over whether to impose new cybersecurity regulations on companies, General Data Protection Regulation (GDPR) laws went into effect in May 2018. Already we’ve seen several data breach victims ordered to pay fines under the new rules and cookie disclosure notices are popping up on more websites than ever.

Everyone is waiting with bated breath for the first report from the Information Commissioner’s Office (ICO), to be issued after the implementation of GDPR, in order to gain an understanding of the magnitude of breach reporting.

The most recent report from the Information Commissioner’s Office (ICO) has revealed a 29% increase in the number of reported data security incidents, from 3146 between April and June 2018, to 4056 from July to September 2018. This demonstrates a 490% increase compared to the same quarter in 2017. This doesn’t necessarily mean that organisations are experiencing more incidents, but it does means that more are now being reported, as organisations try to tread carefully.

This has inevitably been fuelled by GDPR, as well as the significant data breach incidents that recognisable brands have suffered. However, this increase is also likely due to the new data breach notification requirements under GDPR, which require organisations to report incidents within 72 hours of becoming aware of them.

Drilling into the statistics, most data breach incidents are down to people, processes and inadequate policies. These frequently involve internal users making mistakes, including the incorrect disclosure of data; this accounted for 62% of all data incidents between July and September 2018.

In terms…

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Holger Schaefer, Regional CEO of Euler Hermes, Asia Pacific spoke to Global Banking & Finance Review upon being awarded Best Trade Credit Insurance Company Asia Pacific 2018 in the Global Banking & Finance Awards®.

Congratulations on your award-winning success, what initiatives do you attribute to your success?

It is indeed delightful to be awarded as the “Best Trade Credit Insurance 2018” by Global Banking and Finance Review. This international-level accolade reaffirms Euler Hermes’s position as an industry leader and proves our potential to reach our goals.

Customers are the centre of everything we do, Euler Hermes’s True Customer Centricity (TCC) initiative is launched to map our customers’ needs, showcasing our commitment to deliver our promises. Also, our Zero Defect initiative where we measure our performance at all touch points that our customers offer. We think this initiative is essential as a quest for perfection in order to improve our quality of service.

How are current political and regulatory disruptions impacting the market?

The Rule # 180 in China: where factoring businesses was no longer permitted. This impacted credit insurance business as factoring sector in China was one of the main customer segments.

Proposed implementation of risk based capital solvency framework in HK: the intention is to better match capital requirements to the risk profile of the individual insurance company and therefore having a more robust capital position. Currently, the likely outcome seems to be higher capital requirements for HK insurers.

Implementation of new accounting standard IFRS17:…

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