The shift to credit cards embedded with chips and the related technology, called EMV, is already having an impact on Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance) underwriting and rating. Some Cyber Risk Insurance underwriters have increased their rates for retail organizations and some are underwriting accounts more closely. While EMV technology is expected to reduce point of sale credit card fraud, it is unclear when this will happen. Only a small percentage of retail merchants are fully using the new technology and those that are not face liability for any credit card fraud within their system. Cyber Risk underwriters are concerned that insurance may pick up claims for merchants that have not adopted the...
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