OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, Alvise Argenton, senior financial analyst, A.M. Best, said analysts are examining how insurers are responding to the new General Data Protection Regulation (GDPR) as a component of assessing an organization's risk management activities. Click on http://www.ambest.com/v.asp?v=gdpr718 to view the entire program.
“I think there are two main categories that companies have identified as challenging,” said Argenton. “The first one is the legal and operational complexities of being compliant with the GDPR and the second is the 72-hour incident response requirement.”
Argenton also highlighted how some companies are seeking external advisers to overcome these complexities, and in some countries, he said companies are collaborating with local authorities that provide them with GDPR assistance.
Additionally, Argenton spoke about how A.M. Best considers GDPR compliance during the rating process.
“Among the four pillars that A.M. Best looks at in its rating assessment, risk management is the one mostly impacted by GDPR. This is particularly true in terms of profiling the regulatory, reputational and legal risks that a company may be exposed to. Hence, A.M. Best requires feedback in terms of what was the outcome of the data protection impact assessment that they carry out and what are the countermeasures that they took in order to mitigate their weaknesses,” he said.
To access a copy of this briefing, titled, “GDPR: The Issues for European Insurers at Implementation,” visit http://www3.ambest.com/bestweek/purchase.asp?record_code=273832.
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