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EU Laws, Hacking Fears Boon for Insurers

ONLINE PRIVACY—EU & U.S.

June 20, 2013

Reuters reports that between concerns about “the risks of hacking raids on corporate data” combined with the EU’s efforts to create laws that promise “heftier fines on unprepared companies,” cyber-insurance promises to be “a lucrative business line alongside risks such as weather catastrophes may be about to bear fruit.” The report notes how cyber coverage has grown as a market in the U.S. to the tune of $1 billion-plus in annual premiums. With EU lawmakers proposing bigger fines for breaches, one expert cautions the new rules "should keep CEOs awake at night...It should now be quite clear that data protection due diligence should be a boardroom issue, not a backroom issue."
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