First published by Steve Evans, ReInsuranceNews, 31 July 2019.

Capital One, the U.S. and global banking and personal finance group, has disclosed a $400 million cyber insurance tower that the market is now watching closely, following its hacking and loss of data for more than 100 million of its customers. Capital One said on July 29th that an individual accessed its IT systems, in particular application data linked to its credit card systems, resulting in the loss of personal data associated with 106 million customers, 100 million in the United States and 6 million in Canada.

The Capital One hacking and data breach is among the largest ever in the banking and financial world.

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