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OPDU has received a number of enquiries regarding Cyber risks and coverage for GDPR fines, and we have therefore outlined how the OPDU Policy would respond in these instances below.
Following implementation of the Data Protection Act 2018, Trustees have been faced with extra duties and potentially significantly higher fines for breaches.
Our Policy covers trustees and pensions employees for civil fines and penalties including data protection provided that an allegation of Wrongful Act has been made and the penalty is not criminal. Investigations will also be covered which stem from a data breach becoming known. In this case there is no requirement of an allegation of Wrongful Act.
If Scheme Assets are to be used to cover the cost of the OPDU Policy, it is important this is specified where asked on our application forms, as we will then invoice a small portion of the policy premium to the Principal Employer to cover the cost of Civil Fines and Penalties cover.
For further information please get in touch.