A recent survey by insurance company DAS UK Group has found that nearly 40 per cent of UK insurance brokers are unaware of the European Union’s major data protection overhaul, General Data Protection Regulation (GDPR), which comes into effect in May 2018.
Companies could face fines of €20 million or four per cent of their annual turnover for failing to comply with the stricter regulations imposed over customers’ data.
Of the 250 insurance brokers that DAS interviewed for its quarterly ‘Market Barometer’ survey, only 57 per cent believe they will be ready for GDPR when it is implemented. Brokers from larger firms were more aware of the changes, according to DAS, with 72 per cent having knowledge of the changes, compared to 62 per cent from smaller provincials.
James Henderson, managing director Insurance UK & Ireland, DAS UK Group, said: “It’s concerning to note the apparent unpreparedness of brokers given the deadline is less than eight months away. With potential fines of €20 million or four per cent of global annual turnover – depending on which is bigger – awareness should be far higher.”