My friend Judy Greenwald reported at BusinessInsurance.com that AIG expects now that GDPR is in place that more “Companies will be more inclined to report breaches, with the impact on cyber claims similar to that witnessed in the U.S. after state breach notification laws come into effect.” Judy’s May 24, 2018 report entitled “Security claims expected to surge with GDPR: AIG report” included quotes from Mark Camillo (London-based head of cyber for Europe Middle East Asia at AIG) in the AIG Europe report titled Cyber Insurance Claims: Ransomware Disrupts Business about serious cyber intrusions:
The combination of leaked National Security Agency tools plus state-sponsored capabilities triggered a systemic event.
The WannaCry outbreak, which hit hundreds of thousands of machines around the world, could have been worse in terms of scale and insured losses if a UK researcher hadn’t quickly found and activated the kill switch,…
Following the implementation of GDPR on May 25 it will be interesting to see what happens with cyber intrusions and insurance.
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