HAMILTON, BERMUDA–Cyberliability exposures will continue to grow, with claims costs more likely to run into the millions, regardless of how many individuals can prove personal damage from a data security breach, experts in this evolving market warned.

“Claims costs can quickly multiply even without proof of actual damage to anyone's identity or personal finances,” according to James Rhyner, vice president and worldwide lawyers professional product manager for Chubb Group, based in Warren, N.J.

While moderating a panel–”Bermuda: Not Just D&O”–here earlier this week at a Professional Liability Underwriting Society conference, Mr. Rhyner cited the spiraling expense for notification and credit monitoring incurred by organizations that expose the public to identity theft if their data is lost or stolen.

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