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Data breach claims spike, especially for smaller and mid-sized firms

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U.K.-based specialty lines underwriter CFC Underwriting Ltd. says there has been a significant increase in insurance claims related to data breaches during the year, Computer Business Review reported. The company handled more than 400 claims on cyber-breach policies. Around 90% of the claims came from businesses that have less than £50 million ($62 million) in revenue, with a disproportionate number of claims being made by British firms. Privacy breaches and theft, or financial loss, were said to be the most common claims filed, followed by ransomware.

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