In the movie Wall Street, the character Gordon Gekko
famously states that information is the most valuable commodity he
knows. These days, the same could be said of data, which can now be
bought, sold, and, increasingly, stolen. In light of the numerous
data breaches affecting companies in the U.S. and around the world,
cybersecurity has become a hot topic. In fact, October has now been
named National Cyber Security Awareness Month.
It seems that no one is safe—everyone from private
companies like Target Corp. to government agencies like the
Internal Revenue Service have found themselves facing costly data
breaches. And insurance companies are sitting on large stores of
personal data, putting them particularly at risk. This is
significant, as both the cost and frequency of data breaches
continue to grow each year. The increased risks have resulted in
greater involvement by major players in the insurance industry,
such as the National Association of Insurance
