$125 million. That’s the first estimate of the insurance industry loss due to the Equifax cyber breach published by Property Claim Services (PCS).
Per Artemis blog:
“PCS noted that there are outstanding coverage issues which could reduce the likelihood of the Equifax cyber insurance loss reaching the $125 million estimate, so it could be revised down it would appear.”
Equifax’s specific cyber insurance policy could provide as much as $150 million of coverage, according to Artemis.
Launched in early September, the PCS Global Cyber service provides industry loss estimates for cyber risk loss events of at least $20 million worldwide. The Equifax hack was its first designated event and PCS has since designated its second global cyber loss event, the impact of the Petya/non-Petya malware attack on pharmaceutical giant Merck & Co in June.