Retail Data Breaches Rock The Cyber Insurance Market
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In the recent report "State of the Cyber Insurance Market: Ten Lessons Learned From Major Retailer Breaches," Lockton's
http://www.lockton.com/whitepapers/State_of_the_Cyber_Market.pdf
Pretending that a breach cannot happen to your business is no longer an option. B2C companies are asking this essential question post-Target at their shop: "How bad can a bad day be?"
The Lockton report provides an in-depth look at what retailers and underwriters are doing to address this risk including:
- A sharp uptick in coverage limits purchased
- Customized insurance policy wording
- Increased scrutiny of security and POS systems
- Data breach response planning
"A breach can cause not only major financial loss, but also significant damage to brand and reputation if handled badly," said Freeman. "Lockton has developed a coordinated approach with clients so that all major aspects of breach response are built into the program they purchase, including pre-approved forensics and external legal counsel."
While cyber attacks are getting more sophisticated, so are the tools to combat them. By partnering with your insurance broker, you can protect your business from a devastating loss.
About Lockton
More than 5,300 professionals at Lockton provide 41,000 clients around the world with risk management, insurance, and employee benefits consulting services that improve their businesses. From its founding in 1966 in
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SOURCE Lockton
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