Insurers are responding to a growing market for identity theft and data security coverage that is being driven by consumers' increased appreciation of the risk, according to a panel of experts.
Their discussion yesterday during a Web seminar sponsored by insurance broker Aon, Chicago, explained that the products are given impetus by both the expanding use of electronic data and an increase in its portability.
Patrick Donnelly, managing director of professional risk solutions for Aon financial services group, said that the loss of consumer data can do greater harm to a company than just financial loss. He said few incidents of computer security systems breaching have lead to the theft of data, but the harm to a company's reputation can be significant.
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