Surely you already had "cyber" coverage on your general liability policy, right, since you are handling users' data? I haven't been notified of any changes in premium for our policy related to the new regulations, fwiw.
>I haven't been notified of any changes in premium for our policy related to the new regulations, fwiw.
I don't see how you can legitimately believe that there is not going to be an increase in costs. Either the insurance company was overcharging you before, they're lowering their margins or the price goes up. Anything else would require that the risk would be basically non-existent. The price might not increase right now, but it might increase next year or the year after that or the service might get worse.
>Massive legal fees for what, exactly?
To deal with situations that you didn't expect to happen, but did happen anyway. Even if you try your best, mistakes can happen.
