WGA InsureBlog

Legislation on both the federal and state levels, has many of corporate insurance buyers feeling anxious about security and privacy. This installment of “Ask the Experts” takes a look at the coverages available and questions to ask when analyzing these coverages.

The Ponemon Institute recently released its 2009 data breach figures. The average cost per customer record lost is up to $204, $2 higher than 2008, and the average total cost per company is now $6.75 million.  The sample size is relatively small – 45 companies.

It should be noted that many costs associated with a breach (i.e. notification costs, credit monitoring, investigative costs, etc.) are subject to sublimits under most, if not all, Privacy Liability policies.  The sublimit is typically equal to 10% to 20% of the limit of liability ($100,000 on a $1MM policy).  This is not much Read more…