Reports of data breaches and similar incidents are becoming ubiquitous. Those events have historically involved entities that possess vast amounts of personal data, especially health and financial information. Hospitals, retailers and even the federal government have been the victims of headline-grabbing breaches. Executive SummaryAttorneys Robert Shapiro and Joseph Swanson offer practical advice for insurers dealing with cybersecurity challenges like loss of personally identifiable information, ransomware attacks and catastrophic claims exposure.
In the insurance industry, much of the focus has been on health and life insurers, particularly in the wake of the February 2015 Anthem breach. As with other industries, however, property/casualty insurers are finding that they must focus on their cybersecurity, lest they become the next victim. In fact, P/C insurers—by virtue of their business and the policies they underwrite—face significant challenges when it comes to cybersecurity. This article identifies the most pressing of those challenges and offers practical advice for addressing them.