NetDiligence is pleased to present its ninth annual Cyber Claims Study. This year’s report features analysis of 2,081 claims arising from events that occurred during 2014–2018. The data from these claims has been aggregated in over 20 ways, including types and amounts of losses, incident causes, types of data exposed, business sectors affected, revenue size of claimants, and the financial impact of cybercrimes (business interruption, malicious insiders, social engineering, ransomware). Sponsoring this year’s study are RSM and Cozen O’Connor.
To present more accurate pictures of the business impact of cyber events on smaller versus larger organizations, this year’s report presents findings for small to medium enterprises (SMEs) separately from findings for large companies. For the purposes of this report, SMEs are defined as organizations with less than $2B in annual revenue, while large companies are defined as organizations with $2B or more in annual revenue. Analysis finds that the average cost of a breach for SMEs was $178K, whereas the average cost of a breach for large companies was $5.6M.