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February 26, 2024
Privacy Beats Ransomware as Top Insurance Concern
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Contributed by: Drex DeFord
Summary
Firms scramble to meet SEC's cybersecurity regulations as mishandling PII may lead to catastrophic losses. Privacy claims take years to process though they are as disastrous as a ransomware attack. Corporations also face pixel-tracking claims due to lack of proper website activity consent. Anderson highlights that insurance payouts for privacy claims are not large, as insurers accrue interest from escrow funds during claim negotiations. Enterprises need better data elimination to avoid regulatory violations. Despite compliance with state laws and having cyber insurance, companies are not fully protected from potential litigation and fines for non-compliance with privacy laws. Firms recommended to use cyber insurer assistance to remain compliant and ensure their policies are effective.
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