Asset managers grappling with new EU data privacy rules have been turning to the insurance sector to help limit the fallout from business-crippling cyber attacks.

Companies across all sectors will have to comply with the General Data Protection Regulation when the new regime is rolled out on May 25. The rules are designed to bolster existing data privacy rules and give individuals more say over how their personal information is used. However, companies such as asset managers that hold vast amounts of consumer data are at risk of landing significant financial penalties if the information they hold is compromised.