D&O Insurance For Data Breaches

Originally published in Risk Management magazine (April 2014)

If the tail-end of 2013 wasn't rocky enough for data security, 2014 thus far has offered no reprieve—ominous and regular reports of massive data breaches affecting all industries and all types of information holders fill the news. One recent report indicated that there were more than 350 million stolen credit card credentials available for purchase in underworld markets. Another report indicated that for 2013, identity theft continued to be the number one consumer complaint tracked by the Federal Trade Commission—there were more complaints on this front than against lenders and others often cited (whether rightly or wrongly) by consumers for anti-social behavior.