As the prevalence and sophistication of cyber threats in Brazil continue to increase, Brazil鈥檚 LGPD (Lei Geral de Prote莽茫o de Dados, or General Personal Data Protection Law), establishes principles and creates rules for both private and public organizations to protect fundamental rights of freedom and privacy.
With strict penalties in place for non-compliance, the insurance industry can expect to see rise in demand for cyber policies aimed at information security and data protection to mitigate potential damages, resulting from hacker invasions, data leakage, or complaints related to personal data.
Roberto McQuattie, President of Crawford Latin America, shares his thoughts on the effects of LGPD in Brazil and how data legislation will begin to impact the rest of the LATAM insurance market:
