Hiscox comment on cyber crime

LONDON, UK, (3rd May 2011) – Following the recent online data hack where millions of names and email addresses were stolen, Matthew Norris, e-risk and privacy expert at specialist insurer Hiscox, comments:

“The early signs are that Sony has suffered a breach of security which necessitates a redesign of their security, an unusual response and major undertaking likely to indicate a significant security vulnerability.

“It seems no fraud monitoring services are currently being offered: this may be a sign that Sony is not yet confident what accounts the hacker gained access to, and so is not willing to offer such a service to 70 million + users until they know who has been affected, when such a service could cost over $100 million.

“It all points to a sophisticated hack, rather than a college prank: sophisticated hacks are an accepted part of the threat landscape now, and often involve criminal networks to sell and use the data stolen.

“And the cost? Too early to tell, but the week's delay, the outages, and lack of certainty in the communications will undoubtedly unnerve customers.”

- ENDS -

For further information please contact:

Hiscox Ltd

Johanna Boland T: 020 74486494
M: 07824 453786
[email protected]

Notes to editors

About Hiscox

Hiscox, the international specialist insurer, is headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). There are three main underwriting parts of the Group - Hiscox London Market, Hiscox UK and Europe and Hiscox International. Hiscox London Market underwrites internationally traded business in the London Market - generally large or complex business which needs to be shared with other insurers or needs the international licences of Lloyd's. Hiscox UK and Hiscox Europe offer a range of specialist insurance for professionals and business customers, as well as high net worth individuals. Hiscox International includes operations in Bermuda, Guernsey and USA. Hiscox Insurance Company Limited, Hiscox Underwriting Limited, Hiscox Europe Underwriting Limited and Hiscox Syndicates Limited are authorised and regulated by the Financial Services Authority.

For further information, visit www.hiscox.com

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