Originally published by Robert Trautmann.
Anyone who has walked by a television or radio in the last few years has likely heard news reports of cyber breaches and hacking that have exposed the personal information of many of the nation’s major retailers. These breaches are extremely expensive. A recent Forbes.com article projects the costs to exceed $2 trillion dollars within three years. One of the more publicized breaches, the Target attack, reportedly cost that company $164 million, however some reports believe the actual cost could approach $1 billion when all of the attendant costs are calculated.
The question then becomes, who foots the bill for these attacks and with insurance coverage, what is covered? A recent ruling in P.F. Chang’s China Bistro Inc. v. Federal Insurance Company,1 in U.S. District Court of Arizona, addressed where coverage may cease. In P.F. Chang’s, some 60,000 credit card numbers were stolen. In response, Mastercard charged P.F. Chang’s payment processor, BAMS, to handle the…
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