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Data Breach Insurance - Sign of the Times

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In the June 2007 edition of Bank Technology News, Rebecca Sausner reports that Insurance companies are offering coverage for the expense related to cleaning up data breaches. Like insurance policies, cyber-security policies cover a range of risks including Internet-media liability notification, crisis management, and security and privacy liability. Current proposed data security legislation assigns liability for breach-related costs incurred by an individual to the company where the breach occurred. Many are wondering if the money might not be better spent on security.

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