Publishes Eighth Annual Study of Cyber Claim Payouts
PHILADELPHIA, November 7, 2018 – NetDiligence®, a leading provider of cyber risk readiness and response services, announced today it has published its eighth annual Cyber Claims Study, a study of actual losses for data breaches and other cyber-related events covered by leading cyber insurance carriers.
This year’s study analyzes 1,201 claims for incidents that occurred from 2013-2017. The aggregated data from these claims has been analyzed from many angles, including records exposed, crisis services cost, total breach cost and per-record cost. In addition, the study features analyses of more than twenty unique categorizations of the data, including type of data, sector, revenue size, and cause of loss; losses caused by business interruption; losses for incidents that exposed no records; and losses caused by criminal and non-criminal activity.
The aggregated average total breach cost in this year’s study was $604K, while the aggregated average payout for Crisis Services was $307K. The average claim for a large company was $8.8 million. The average claim in the Healthcare sector was $555K. The average claim for ransomware was $229K.
“As an independent and trusted partner to the cyber insurance industry, NetDiligence is uniquely positioned to consolidate claims data from multiple insurers,” said Mark Greisiger, president of NetDiligence. “We collected more than 500 new claims this year, a greater than 40% increase over last year. We are honored that our insurance carrier and broker partners are willing to share a sampling of their loss data with us. Without them, the valuable insights this study provides would not be possible.”
Sponsoring this year’s NetDiligence Cyber Claims Study are AllClear ID and RSM.
The 2018 Cyber Claims Study is available for download at the NetDiligence website (https://netdiligence.com/portfolio/cyber-claims-study/).
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NetDiligence® specializes in Cyber Risk Readiness & Response services. With more than 15 years of experience in cyber, NetDiligence is an award-winning provider of innovative cyber risk management software and services to the insurance industry, including QuietAudit® Cyber Risk Assessments, the eRiskHub® cyber risk management portal (https://eriskhub.com), and Breach Plan Connect® (https://breachplanconnect.com/) software-as-a-service (SaaS) to help policyholders with data breach response planning. NetDiligence publishes an annual Cyber Claims Study and hosts annual Cyber Risk Conferences in Philadelphia, Santa Monica, Toronto, London and Bermuda. For more information, visit https://netdiligence.com.
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.