The annual NetDiligence® Cyber Claims Study uses actual cyber insurance reported claims to illuminate the real costs of incidents from an insurer’s perspective.
CYBER INSURANCE CLAIMS STUDY
Sponsored By:
7000+
Total Claims Analyzed
from 2017-2021
300+
New and Updated Claims
from 2019-2021
1000+
Total Claims Analyzed
from 2022
Listening to the cyber community
Our objective for this study is to help risk management professionals and insurance underwriters understand the true impact of data insecurity.
The NetDiligence Cyber Claims Study aims to provide our partners and businesses alike with the insight they need to better understand the impact of their data vulnerabilities on risk management and insurance policy procurement.
We achieve this by gathering and consolidating cyber claims data from multiple insurers and brokers. This ensures that the combined pool of claims is large enough that it allows us to ascertain real costs and project future trends to support robust cyber solutions.
Our annual studies routinely produce illuminating results. The latest NetDiligence cyber claims study can help insurance underwriters and risk management professionals see the actual impact of data security and cyber incidents in today’s digital landscape. Download the latest study today to learn more.
What Is a Cyber Insurance Claim?
A cyber claim refers to an insurance claim made by an individual or organization due to a cyberattack or data breach. When a data breach or cyberattack occurs, sensitive and confidential information might be stolen or exposed, causing significant financial losses as well as damage to the organization’s reputation.
Cyber insurance policies are designed to protect organizations and individuals from such losses. Organizations can file a cyber claim and receive compensation, depending on the terms and conditions of their insurance policy. The insurance policy usually covers costs such as forensic investigations, legal fees, notification costs, loss of revenue, and other related expenses.
Cyber claims play a vital role in mitigating the financial and reputational risks associated with cyberattacks, and having adequate cyber insurance coverage can provide peace of mind to both individuals and organizations.
Analyzing cyber claims in our study allows us to focus on the most challenging components of businesses’ vulnerabilities and digital risk management strategies to provide valuable insight to both insurers and insureds alike.
Types of Cyber Insurance Claims
There are several different types of claims that an individual or organization can file after a cyberattack or data breach has occurred. In our cyber claims study, NetDiligence reviews multiple types of claims and cyber events, including those resulting from but not limited to:
- Malware attacks
- Phishing attacks
- Ransomware attacks
- Supply chain attacks
- Business email compromise
We have analyzed thousands of cyber insurance claims to help companies understand just how much their cyber risk can impact their business, even if they have the appropriate coverage. Cyberattacks continue to increase, and businesses are facing a more demanding underwriting process as a result.
This is why working with a risk management professional to continuously address and manage your cyber risk throughout the year is essential. Doing so can minimize your risk of an attack, help you respond and recover more quickly from one, and allow you to obtain the best cyber insurance policy at the best price year after year.
Why Analyzing Cyber Claims Is an Instrumental Tool in Understanding the Impact of Data Vulnerabilities
Analyzing cyber claims is crucial in understanding the impact of data insecurity. As more businesses rely on technology to store sensitive data, cyberattacks become more frequent and sophisticated, resulting in significant damage to the business’ finances as well as their reputation.
By analyzing cyber claims, NetDiligence helps identify patterns and trends in attacks, which allows companies to make informed decisions about their cybersecurity strategies. Additionally, analyzing claims can highlight weaknesses in existing policies and procedures, enabling organizations to make necessary changes in order to prevent future breaches and secure better coverage.
Ultimately, analyzing cyber claims can help mitigate the financial and reputational risks associated with cyberattacks and ensure that organizations are prepared to respond to these incidents effectively.
Download 2022 Cyber Claims Study
The annual NetDiligence® Cyber Claims Study uses actual cyber insurance reported claims to illuminate the real costs of incidents from an insurer’s perspective.
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