Internet insurance compensation is worth 100 million pounds

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Marks and Spencer can demand losses of 100 million pounds from Internet insurance companies in the wake of a Constant penetration Which stole some customer data.

The UK’s electronic retail policy allows to obtain up to 100 million pounds, according to people familiar with the situation.

Allianz It is the first hook insurance company for M&S losses, and the people are added, and it is expected to pay at least 10 mm of pounds. Internet specialist Peslie Among the insurance companies exposed to losses in FTSE 100, according to people familiar with the situation.

M & S recognized for the first time on Tuesday that some customer personal data were stolen as part of Cyber ​​attack This has left the retail seller unable to accept online requests for about three weeks. The retail seller told the customers that “the details of the communication, the date of birth and the application record on the Internet” but it “does not include a capable card or payment details” or account passwords.

She was working with law enforcement and government agencies, FTSE 100 Group He added.

The retail seller will report the results of the entire year next week, and it is expected to update the market on the consequences of penetration.

Perhaps the company has lost revenues so far, which has a total of more than 60 million pounds, based on an induction of its average daily sales online. He also left the attack on its M&S systems struggling to maintain the shelves stored in some food stores, which are likely to have reduced sales.

The share of the retail seller has decreased by 16 percent since it revealed the attack on April 22, giving 1.3 billion pounds of the market value.

M & S, Beazley and Allianz refused to comment.

One of the major participants in the market said that the Insurance cover is expected to pay from the M & S, which was completely arranged by London WTW. And he expected this to be the case even if the violation was eventually linked to weakness with a third -party seller for M & S. WTW refused to comment.

Policy will cover both the losses of the first party, such as the costs of lost sales and the response to accidents, as well as third -party losses, such as legal obligations related to data breach, added the person.

The person said that the M&S annual insurance premium, which is currently less than 5 million pounds, could increase weakness when policy renewal, if the retail seller does not prove insurance companies that they have improved risk management practices.

After height during the epidemic, online insurance premiums have generally decreased in recent months. Insurance companies have started providing more generous coverage and more attractive conditions, including response times that drop from 12 to eight hours before the coverage is kick.

but UK retailers may face more severe prices For the cyber cover after the recent attacks, with online criminals also target Harrods and cooperation.

He is a London -based insurance expert, that it could be a large amount of M&S as “evidence of the concept” for cyber insurance, which encourages small and medium -sized companies to buy the cover.

Electronic attacks in the United Kingdom cost about 44 billion pounds of incoming revenues over the past five years, according to a report issued by the broker Hoden. She said that a little more than half of UK companies faced at least one incident during that period.