Cybercrime continues to raise risks for insurers and theircustomers, and the dangers are evolving and becoming more global innature.

At the recent PLRB conference in Anaheim, Calif., ChristinaTerplan of Clyde & Co. said that a breach last year in SouthKorea impacted 70% of that country's population. She explained thatlosses in the U.S. are usually larger than in other countriesbecause of the information accessed, but she cautioned thatcybercrime involves a lot more than just losing customer data. Somehackers now have records going to duplicate sites so nothing seemsamiss, and others are just deleting information to damage acompany's reputation.

Mark Voronin with Zurich North America said that while certainproperty policies will cover some of these breaches, they arelimited in scope. Cyber policies are usually triggered when thebreach is discovered since the actual event could have taken placemuch earlier. With more breaches involving monetary losses, thenumber of cybercrime policies insurers are offering is growingexponentially. From 2013 to 2014, the amount spent on policiesdoubled from $1 billion to $2 billion. And new specializedcoverages are available to address the regulatory issues andprivacy concerns which may be involved in a breach.