Data Privacy Detective - How Data Is Regulated, Managed, Protected, Collected, Mined, Stolen, Defended And Transcended.

As businesses move into 2021, what insurance can they have to limit cyber risk? What does cyber insurance cover and not cover? How is it priced and secured? Data Privacy Detective guest Sean McGee is a Vice President of USI Insurance Services, an independent company serving global clientele and accessing global insurance markets. www.usi.com / Sean.McGee@usi.com . Also an Ohio and Kentucky attorney, at USI Sean advises customers on a broad array of business risks, including those arising from personal data collection and use. Cyber insurance emerged in 1997. Insurance Journal reported 2019 premiums of over $2.2 billion, spread among a competitive range of providers, with growth anticipated in number of policies, variety of risks covered, and premiums. As one example, the average payment for ransomware attacks jumped to almost $85,000 by year-end 2019, almost double the prior year’s average, triggering an adjustment of price for covering this type of risk. Cyber insurance pricing is competitive. It depends