A survey of 250 UK insurance brokers has revealed that 39% are unaware of the EU’s General Data Protection Regulation (GDPR), with only eight months to go until the new data protection rules take effect in May 2018.
Legal expenses insurer DAS UK Group, which carried out the survey during the previous quarter, also found that just over half (57%) of the brokers who said they were aware of the GDPR do not believe they will be in a position to comply with the new rules by May of next year.
DAS said larger brokers were more knowledgeable of the GDPR (72%), compared with smaller principal brokers at 62%. Only 42% of respondents from super-regional firms knew about the GDPR.
James Henderson, managing director of insurance UK & Ireland for 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 €20m or 4% of global annual turnover – depending on which is bigger – awareness should be far higher.”
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