Ticketmaster, one of the largest ticket distribution and sales companies, experienced a data breach this past week, exposing millions of their customers. According to reports, the cybercriminals responsible for the cyber attack found a vulnerability in the automated customer support chatbot software (Inbenta Technologies) that the ticket distribution company uses to communicate with customers.
Ticketmaster, which is owned by Live Nation Entertainment, announced the severity of the attack, stating that not only could the data breach been exposing their customers since September 2017, but the hackers could have collected some very valuable information. The unknown third party that accessed Ticketmaster and possibly others under Live Nation, collected personal information, as well as payment card information on millions of customers.
This attack can potentially cost hundreds of thousands to millions of dollars, which could result in consulting from third-party forensic cybersecurity experts, PR consultants, data breach attorneys, and credit monitoring services, all billing at an hourly rate. Additionally, Ticketmaster can possibly experience business interruption losses due to losing trust from customers, as well as class action lawsuits from disgruntled customers.
Had Ticketmaster been protected with a cyber insurance policy, it’s likely that they would be covered for these expenses.
Evolve MGA offers cyber insurance that covers policyholders in the event their cloud data is hacked, lost, or stolen. Get appointed with our cyber insurance specialists for a FREE Quote!
If you’d like to read more about this data breach, click here!