NetDiligence Releases Data-Driven Analysis on Cyber Claims
Publishes Seventh Annual Study of Cyber Claim Payouts
PHILADELPHIA, Oct. 10, 2017 /PRNewswire/ -- 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.
Media Contact:
Mark Greisiger
President, NetDiligence®
610.525.6383
[email protected]
About NetDiligence®
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.
SOURCE NetDiligence
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