Latest figures emerge on the claims costs to the insurers following the Equifax data breach
Insurers paid another $10m to data breach firm Equifax in the first three months of this year - meaning cyber insures have paid out $50m since the blunder last September.
Equifax has been on the backfoot since revealing that 143 million customers in the US could have been affected by the data breach incident, which saw hackers access data such as names, address and dates of birth, as well as credit card numbers in a smaller number of cases.
The breach has cost the credit rating firm $243m to date.
The firm revealed in its first quarter results that it had $125m of cyber coverage from insurers.
The firm said: ”We maintain $125 million of cybersecurity insurance coverage, above a $7.5 million deductible, to limit our exposure to losses such as those related to the cybersecurity incident.
”During the three months ended March 31, 2018, the Company has recorded a receivable of $10.0 million.
”Since the announcement of the cybersecurity incident in September 2017, we have recorded insurance recoveries of $60.0 million and received payments of $50.0 million for costs incurred to date.”
Equifax data breach costs total $243m. Below is a breakdown for just the first quarter 2018 alone.
|(in $ millions)|
|IT and data security||45.7|
|Legal and investigative fees||28.9|
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