Insurance Business interviewed Woodruff Sawyer Senior Vice President of Management Liability Walker Newell, CIPP/US, about the rise in class-action-style lawsuits around data privacy and cybersecurity, which in turn is causing insurers and policyholders to rethink their exposure risks. Newell concluded stakeholders may experience “higher premiums for insureds with material exposure to EU privacy claims (similar to how underwriters scrutinise US privacy risk more harshly than privacy risk in any other region)” if this type of litigation grows and noted policies may need to be updated to cover mass claims damages.
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