GDPR to drive next wave of cyber insurance claims>
Enterprise Times – Ian Murphy
The latest research report from insurer AIG Europe makes for sober reading. 2017 was a record breaking year in terms of cyber insurance claims. The total number of claims during the year was the equivalent of the previous four years combined. This is a significant rise and one that was dominated by ransomware as the primary cause. What were the top five cyber insurance claims? 1 26% â Ransomware 2 12% â Data breach by hackers 3 11% â Other security failures/unauthorised access 4 9% â Impersonation fraud 5 8% â Other virus/malware infections According to Camillo: âThe arrival of GDPR will become another tool for negotiation by extortionists. They will threaten to compromise an organisationâs data unless a payment is received, knowing that the consequences could be more significant under the new regime.â This is not just about the costs likely to be imposed by regulators. AIG believes that GDPR will create new types of cases not generally seen in Europe at the moment. The report cites the Morrisons employee class-action lawsuit over the leaking of payroll data. While Morrisons lost the case, it has gone to appeal. If it loses that appeal it could lead to similar cases.
Link: https://www.enterprisetimes.co.uk/2018/05/29/gdpr-to-drive-next-wave-of-cyber-insurance-claims/