Right at the time when the General Data Protection Regulation (GDPR) is applicable, Cologne-based VOV insurance company is offering a data protection policy for small and medium-sized enterprises. Dr. Stefan Jöster and Dr. Lutz Keppeler, both lawyers at the firm's Cologne office, developed the policy together with VOV insurance company. Jöster advised VOV on insurance law, and Keppeler advised the insurer on data protection law.
The data protection policy insures the particularly affected internal data protection officers as well as corporate bodies against typical data protection risks and financial losses, taking into account realistic implementation periods of measures recommended in the data protection report.
“It is always a welcome challenge to develop a new, innovative product that has never been available before on the German insurance market,” Jöster pointed out. Keppeler added: “Even if insurance cover does not release companies from implementing data protection requirements, the protection of personal liability risks is a central need, particularly in view of the great uncertainties associated with GDPR implementation.”