The cyber liability insurance market is likelyto morph in the near future as a result of the massive Equifax databreach, according to some industry executives.
It's too soon to tell just how many millions or even billions ofdollars insurers may have to shell out as a result of thissummer’s Equifax breach, which the company says impacted143 million people in the United States, Canada and the UnitedKingdom. But cybersecurity and insurance professionals say theimpact from this event will be lasting.
Historic cyber attack
Equifax revealed the cybersecurity breach on Thurs., Sept. 7,2017. The company said it discovered the attack, in whichhackers compromised a website application in order to gain accessto private consumer information, in July 2017.
"This is clearly a disappointing event for our company, and onethat strikes at the heart of who we are and what we do. I apologizeto consumers and our business customers for the concern andfrustration this causes," Equifax CEO Richard F. Smith said in apress release. "We pride ourselves on being a leader in managingand protecting data, and we are conducting a thorough review of ouroverall security operations. We also are focused on consumerprotection and have developed a comprehensive portfolio of servicesto support all U.S. consumers, regardless of whether they wereimpacted by this incident."
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Elana Ashanti Jefferson
Elana Ashanti Jefferson serves as ALM's PropertyCasualty360 Group Chief Editor. She is a veteran journalist and communications professional. Reach her by sending an e-mail to [email protected].
