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Friday, March 07, 2014

Insurance to cover data breaches increasing after recent problems

Recent costly data breaches targeting brick and mortar retailers have led to an uptick in insurance coverage focused on data breaches, including when customer data is lost or stolen. Almost one in three companies have some form of insurance coverage to aid in cyber threats - and cyber insurance policies jumped 20 percent in 2013, according to a New York insurance company.

insurance_to_cover_data_breaches_increasing_after_recent_problems

However, the increased insurance prices will lead to higher consumer prices, even if it doesn't lead to an easier time for customers with stolen information to work through the layers of bureaucracy. The insurance policies help cover data loss costs, including Target's decision to hire forensic investigators, along with providing credit monitoring and public relations efforts to salvage public perception.

Following the Target breach, in which more than 70 million customers were affected, there has been a drastic increase in cyber insurance, according to industry officials.

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