The Equifax Inc. data breach revealed in September may have long-term consequences for policyholders and the insurance industry. The company said hackers had accessed personal information on up to 145.5 million of the firm’s customers.
Equifax carried cyber liability coverage, which market sources say was led by London-based Beazley P.L.C., and the breach will likely result in a limit loss for insurers and reinsurers, observers say.
Policyholder Attorney Duke F. Wahlquist, a partner with Rutan & Tucker, LLP told Business Insurance, “If a publicly traded company came into my office tomorrow and said, ‘We just had a cyber event, can you help us evaluate managing this risk and what we should do?’ I’m going to ask for both the D&O and cyber policy immediately. I’m going to want to tear into both of them.”
