Cybercrime claims are having an impact on an increasing number of business areas, with market commentators citing professional indemnity and directors' and officers' as two markets that are becoming more vulnerable to the impact of cyber-attacks.
Alex Traill, a partner specialising in D&O and PI cover at BLM has commented on the issue in the latest edition of Post magazine. He said cyber was introducing new avenues of vulnerability particularly in D&O.
Traill said while the US trend that's seen directors sued for data breaches would probably cross into other jurisdictions in the future; if it was happening already in the UK, it wasn't being advertised. He said the upcoming changes in the European Union's data protection regulation would give increased powers to fine companies and management for data losses or hacks, adding: "Certainly D&O has quite an Achilles heel, especially with this new regulation."