Publishes Seventh Annual Study of Cyber Claim Payouts
PHILADELPHIA, October 10, 2017 – NetDiligence®, a leading provider of cyber risk readiness and response services, announced today it has published its seventh annual Cyber Claims Study, a study of actual losses for data breach events covered by leading cyber liability insurance carriers.
This year’s study contrasts and compares cyber claims data aggregated over the last four years. The report includes loss data from studies published in 2014-2016, as well as 354 claims collected in 2017. It summarizes findings from 2,411 submissions: each one, a data breach insurance claim.
This year’s study finds the aggregated average total breach cost was $394K, with an aggregated average payout for Crisis Services of $249K. The average claim for a large company was $3.2 million. The average claim in the Financial Services sector was $588K, while the average claim in the Healthcare sector was $537K.
“As an independent and trusted partner to the cyber insurance industry, NetDiligence is uniquely positioned to consolidate claims data from multiple insurers into an information repository that risk managers, company executives and insurance underwriters can use to solve real-world problems,” said Mark Greisiger, president of NetDiligence. “We are honored that our cyber liability insurance carrier and broker partners share a sampling of their loss data with us. Without them, the valuable insights this educational study provides would not be possible.”
Sponsoring this year’s NetDiligence Cyber Claims Study are AllClear ID, RSM, Cipriani & Werner, P.C., and Symantec Cyber Insurance.
The 2017 Cyber Claims 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. The eRiskHub® Exclusive version of the report includes a special section for the “numerically inclined”, featuring percentile tables and correlation graphs.
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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.
About Cipriani & Werner
Cipriani & Werner’s Cyber security practice group is uniquely equipped to assist clients in the diverse and quickly-evolving field of cyber-security assessment, data privacy and information security liability. Our team works cooperatively with industry cyber-experts to develop a coordinated, interdisciplinary approach to each matter confronting our clients. Our attorneys also work closely with companies to assist them in adequately securing and protecting sensitive information by developing and implementing security practices, incident analysis protocols and response plans and programs. Our extensive knowledge of privacy laws and government regulations enables us to position our clients to effectively protect their corporate assets, by providing them with risk management advice that reduces the risk of costly breaches and data loss. From advising our clients on matters of compliance to leading them through the aftermath of a cyber-crisis, Cipriani & Werner attorneys are prepared to work with company management, Boards of Directors, outside vendors and government agencies to ensure that the interests of our clients are protected. For more information, visit www.c-wlaw.com.
Symantec Corporation, the world’s leading cyber security company, helps organizations, governments and people secure their most important data wherever it lives. Organizations across the world look to Symantec for strategic, integrated solutions to defend against sophisticated attacks across endpoints, cloud and infrastructure. Likewise, a global community of more than 50 million people and families rely on Symantec’s Norton and LifeLock product suites to protect their digital lives at home and across their devices. Symantec operates one of the world’s largest civilian cyber intelligence networks. Symantec Cyber Insurance empowers cyber underwriters, portfolio managers and actuaries with underwriting and cyber risk analytics purpose built for the cyber insurers, incorporating data from the insurance and cyber security communities. Symantec gathers and analyzes petabytes of cyber security data on global threat actors, cyber attacks, security incidents and data breaches to provide a deep understanding of the cyber threat landscape. For more information, visit www.symantec.com/solutions/insurance.