At CRIF we plan to provide useful information and articles covering various threads of Cyber Risk & Insurance. One such thread is that of underwriting and through a series of bi-monthly articles we hope to provide some insight into how cyber risks are underwritten and what underwriters look for when analysing submissions. Each article will include commentary from the various CRIF members covering broker, legal & technical perspectives where necessary.
Learning from Targets experience
In the run up to Christmas the US retailer Target (TGT) found itself victim of a data theft with some 70 million customers credit details involved and once the news was out the effect on the business was immediate.
High profile negative media coverage on Target filled news pages just as it needed customers to open wallets and spend.