First in a Series of Spotlight Studies
PHILADELPHIA, April 5, 2018 – NetDiligence®, a leading provider of cyber risk readiness and response services, announced today it has published Spotlight Healthcare, data-driven analysis of cyber risk insurance claims in the healthcare sector, as an addendum to the company’s 2017 Cyber Claims Study.
This “deeper dive” report analyzes cyber risk insurance claims in the healthcare sector for incidents that occurred from 2014-2016. Among the findings:
- Many of the claims occurred in small or mid- sized (SME) healthcare organizations.
- While healthcare claims comprised 17% of claims in the 2017 claims dataset, they represented 28% of total breach costs
($65M of $229M).
- The average number of records exposed in a healthcare breach was 6M. The median number of records exposed was
a modest 1K.
- Average Total Breach Crisis Response costs (legal guidance)/Breach Coach®, forensics, victim notification, credit/ID monitoring, etc.) for healthcare was 3 times higher than the average of all other business sectors ($676K vs $204K).
“The quantity and quality of cyber claims submitted by our insurance carrier partners for our annual study has grown every year,” said Mark Greisiger, president of NetDiligence. “With sufficient loss data we are able to dive more deeply into what’s occurring in specific business sectors or as a result of specific types of losses. Knowledge is power, and NetDiligence is committed to providing greater insight into the true impact of data insecurity for our cyber risk insurance partners and their policyholders.”
The Spotlight Healthcare study is available for download at the NetDiligence website (https://netdiligence.com/portfolio/cyber-claims-study/). eRiskHub® licensors and their clients have exclusive access to an expanded version of the study in their eRiskHub portal.
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NetDiligence® (https://netdiligence.com) specializes in Cyber Risk Readiness & Response. Since 2001, NetDiligence has conducted thousands of enterprise-level cyber risk assessments for a broad variety of corporate and public entity clients. Our time-tested risk management approach enables us to effectively help organizations of all types and sizes manage their cyber risk. The QuietAudit® platform that our engineers use to conduct their in-depth cyber risk assessments can also be licensed for Vendor Risk Management (VRM) and Underwriting Loss Control (ULC). NetDiligence is also an acknowledged leader in data and privacy breach prevention and recovery. Our eRiskHub® portal (https://eriskhub.com) is licensed by more than 50 cyber liability insurers to provide cyber risk management and breach recovery services to their clients. Breach Plan Connect® (https://breachplanconnect.com/) is an affordable software-as-a-service (SaaS) solution that helps organizations with data breach response planning.
About AllClear ID
AllClear ID provides comprehensive breach response services to help businesses protect their greatest asset: their customers. With over 10 years of experience helping thousands of businesses prepare, respond, and recover from the most destructive, complex breaches in history, AllClear ID is recognized for our expertise, partnership, and innovative solutions. Learn more: www.allclearid.com/business or email [email protected].
RSM US LLP is the leading provider of audit, tax and consulting services focused on the middle market, with 9,000 people in 90 offices nationwide. It is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 41,000 people in over 120 countries. RSM uses its deep understanding of the needs and aspirations of clients to help them succeed. For more information, visit rsmus.com.