The cyber liability insurance market is likely to morph in the near future as a result of the massive Equifax data breach, according to some industry executives.

It's too soon to tell just how many millions or even billions of dollars insurers may have to shell out as a result of this summer’s Equifax breach, which the company says impacted 143 million people in the United States, Canada and the United Kingdom. But cybersecurity and insurance professionals say the impact from this event will be lasting.

Historic cyber attack

Equifax revealed the cybersecurity breach on Thurs., Sept. 7, 2017. The company said it discovered the attack, in which hackers compromised a website application in order to gain access to private consumer information, in July 2017.

"This is clearly a disappointing event for our company, and one that strikes at the heart of who we are and what we do. I apologize to consumers and our business customers for the concern and frustration this causes," Equifax CEO Richard F. Smith said in a press release. "We pride ourselves on being a leader in managing and protecting data, and we are conducting a thorough review of our overall security operations. We also are focused on consumer protection and have developed a comprehensive portfolio of services to support all U.S. consumers, regardless of whether they were impacted by this incident."