After a record number of cybersecurity-related insurance claims in 2017, insurers are bracing themselves for a further surge in incidents this year with the introduction of the General Data Protection Regulation (GDPR), which comes into effect from today. He was speaking as the insurer revealed that as many cybercrime-related claims were made in 2017 as in the previous four years combined. The insurer expects the new data regulation could lead to a flood of new claims this year however. Some 12 per cent of claims related to data breaches by hackers with 11 per cent coming from either a security failure and/or unauthorised access. A separate report from Apex Insurance forecasts substantial growth in the number of companies taking out cybercrime-specific insurance policies over the next 12-18 months.

Source: The Irish Times May 25, 2018 06:00 UTC