Looming Cyber Risk: Biometric Data And Class Action Lawsuits (Insurance Business)

Looming Cyber Risk: Biometric Data And Class Action Lawsuits

  Monday, August 17th, 2020 Source: Insurance Business

It’s one storm after another for the cyber insurance market. Five years ago, the biggest concern for cyber insurers was the protection and security of payment card industry (PCI) data.

This is thanks partly to the infamous Target breach in 2013, through which the retail giant lost 40 million payment card credentials and 70 million customer records at the height of the holiday shopping season.

The Target breach was followed closely by an even bigger breach at Home Depot in 2014, whereby hackers infiltrated the retailer’s point of sale (POS) system and stole more than 50 million customer credit card numbers and 53 million email addresses.

Eventually, cyber risk controls caught up with the losses and the PCI data breach storm subsided … but it was blown over by the equally menacing storm of ransomware.

Nick Economidis, vice president, eRisk at Crum & Forster, commented: “We’re right in the middle of the ransomware storm, but it’s not going to last forever. We’re seeing some significant improvements in risk controls, and I’m optimistic we’re going to see some effective responses from law enforcement to clamp down on the problem. This doesn’t mean ransomware will go away completely, but it will become a lot more manageable.”

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