The cyber attack against Capital One on 29 July resulting in the exposure of 106 million individuals’ personal data in North America has been dubbed a global cyber loss event by Property Claim Services (PCS). “LockerGoga is a recent example of this. Capital One ’s losses are backed by a $400m cyber insurance tower, which is expected to cover some costs of the breach; however, the incident has the potential to be the largest ever loss in the cyber market. In an interview with CNBC, PCS CEO David Miller said that he believes there will likely be more such incidents as hackers continue to target financial institutions and other businesses around the world. If the breach is discovered to have hit other major companies, losses could escalate.
The cyber attack against Capital One on 29 July resulting in the exposure of 106 million individuals’ personal data in North America has been dubbed a global cyber loss event by Property Claim Services (PCS). Capital One ’s losses are backed by a $400m cyber insurance tower, which is expected to cover some costs of the breach; however, the incident has the potential to be the largest ever loss in the cyber market. In an interview with CNBC, PCS CEO David Miller said that he believes there will likely be more such incidents as hackers continue to target financial institutions and other businesses around the world. If the breach is discovered to have hit other major companies, losses could escalate.