Releases Data-Driven Analysis of #Cyber Claim Payouts
PHILADELPHIA, Nov. 17, 2020 /PRNewswire/ — NetDiligence®, a leading provider of cyber risk readiness and response services, announced today it has published its tenth annual Cyber Claims Study, a study of actual losses for data breaches and other cyber-related events covered by leading cyber #insurance carriers. Sponsoring the study are RSM and Experian® Data Breach Resolution.
NetDiligence 2020 Cyber Claims Study
This year’s report features analysis of 3,547 claims arising from events that occurred during 2015–2019. The data from these claims has been aggregated in over 20 ways, including total, average, and median costs; the nature of the event (type of data exposed, business sectors affected, revenue size of claimants, causes of loss); and the growing impact of cybercrimes (ransomware, business interruption, social engineering).
Findings are presented separately for small to medium enterprises (SMEs) and large companies. In this report, the average revenue for SMEs was approximately $90M, while the average revenue for large companies was $8B.
In this year’s study, ransomware was the number one cause of loss for SMEs and the costs associated with a ransomware event were significantly higher – the average ransom jumped from $36K to $175K; the average cost of a ransomware incident from $150K to $275K.
The average incident cost for large companies (across all types of incidents) was $9.1M; hackers remained the number one cause of loss.
“Our study underscores the value of cyber insurance,” said Mark Greisiger, president of NetDiligence. “Our cyber insurance partners battle every day on behalf of their policyholders, especially when it comes to ransomware, which remains a leading cause of loss.”
NetDiligence will host its traditional webinar on January 12, 2021 at 12:00 PM ET to present study findings and share front-line insights from RSM US and Experian® Data Breach Resolution.
Interested parties can download the 2020 Cyber Claims Study and register for the webinar by visiting the NetDiligence website at https://netdiligence.com/portfolio/cyber-claims-study/.
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, and Breach Plan Connect®, a securely hosted solution designed to help senior managers plan and execute their organization’s response to a cyber incident, and which also includes a free mobile app for convenient access and alternative means of communication if company systems are compromised. NetDiligence publishes an annual Cyber Claims Study and traditionally hosts annual Cyber Risk Conferences in Philadelphia, Santa Monica, Toronto, London, and Bermuda. NetDiligence also offers a variety of virtual programs that are free of charge to attendees and qualify for CE/CLE credits. For more information, visit https://netdiligence.com.
RSM US LLP is the leading provider of audit, tax and consulting services focused on the middle market, with 13,000 people in 86 offices in the U.S. and Canada. 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 43,000 people in more than 120 countries. RSM uses its deep understanding of the needs and aspirations of clients to help them succeed. For more information visit https://rsmus.com/.
About Experian® Data Breach Resolution
Experian® Data Breach Resolution, powered by the nation’s largest credit bureau, is a leader in helping businesses prepare for a data breach via the proprietary Experian® Reserved Response program and also mitigate consumer risk following breach incidents. With more than seventeen years of experience, Experian has successfully serviced some of the largest and highest-profile data breaches in history. The group offers swift and effective incident management, notification, call center support and fraud resolution services while serving millions of affected consumers with proven credit and identity protection products. For more information, visit www.experian.com/databreach and follow us on Twitter @Experian_DBR.