Privacy 'Bill Of Rights' To Boost Demand For Breach Coverage

Law360, New York (October 23, 2015, 5:58 PM EDT) -- The insurance industry's standard-setting body recently introduced a privacy bill of rights that would ramp up insurers' cybersecurity obligations to policyholders, a development that coincides with regulators' increased scrutiny of data security practices and is likely to expand the fledgling cyberinsurance market.

Looking past industry objections, a task force for the National Association of Insurance Commissioners on Oct. 14 adopted a cybersecurity “bill of rights” that would entitle policyholders to be notified within 60 days of a data breach and get one year of free credit monitoring paid for by the insurer or agent hit by the breach. Consumers would also...

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