Cyber liability: Features of a data breach
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According to the United States-based identity Theft Resource Center, there have been more than 5 800 security breaches between 2005 and December 2015 in the US alone, during which hackers accessed third-party computer networks, stealing personal information including names, addresses, credit card numbers, PIN-codes, social security numbers and other financial information. In these breaches, more than 847m records were exposed. This paper considers the various losses and expenses these attacked companies face in the wake of a data breach and how widely used policy wordings respond to these issues. It also looks at how breached companies respond to a data breach, from a US perspective. The authors of this publication are Elena Jelmini Cellerini, Christian Lang, Catherine Lyle, Carol Kreiling and Ulrich Werwigk.