Over the past two and a half years, there have been over 225 million reported consumer data breaches. This year alone, there have been more than 30 million reported security breaches of consumer data. No one knows the actual numbers since it is suspected that most security breaches are...
Read Full Story Here:
http://www.insurancefortechs.com/data-breaches-growing-rapidly-tech-companies-uninsured.html
Showing posts with label Breach Of Security. Show all posts
Showing posts with label Breach Of Security. Show all posts
Wednesday, July 17, 2013
Data Breaches Growing Rapidly: Tech Companies Uninsured
12 Specific Cyber Liability Risks
When analyzing a Cyber Liability policy for adequacy, the following specific risks may or not be covered:
* Errors & Omissions resulting in pue economic damages (needed for accounts that perform Cyber releated professional services for a fee for others)
* Personal injury such as libel...Read Full Story Here:
http://www.insurancefortechs.com/12-specific-cyber-liability-risks.html
Rising Demand For Cyber Liability Insurance Coverages
“Cyber liability coverage has evolved from just liability insurance for information technology companies to coverage that nearly every class of business should have if they don’t already.” Many businesses including banks, restaurants, retailers, and medical offices are unaware of the...
Read Full Story Here:
http://www.insurancefortechs.com/rising-demand-for-cyber-liability-insurance-coverages.html
Tuesday, July 16, 2013
Smart Phone Security Risks
The spammers and cyberthieves haven’t given up and gone home. Instead they are moving with the times and stirring up trouble in other ways, targeting smartphones and social networkds, which offer vast amounts of personal information.
The popularity of “apps” is opening the door...Read Full Story Here:
http://www.insurancefortechs.com/smart-phone-security-risks.html
Types Of Cyber Risk Exposures Faced By Businesses
Percentage of companies facing the various types of Cyber risks
47% Business partners and contractors that touch customer data
52% Use of Social Media for marketing and communications
36% Credit Card data collection, online payment processing
34% Provide online content or...Read Full Story Here:
http://www.insurancefortechs.com/types-of-cyber-risk-exposures-faced-by-businesses.html
Cyber Attack Expense Vary By Method of Attack
Average Annual Cyber crime cost weighted by attack frequency in 2011.
Denial of Service $187,506
Web-Based Attack $141,647
Malicious Code $126,787
Malicious Insiders $105,353
Pfishing And...Read Full Story Here:
http://www.insurancefortechs.com/cyber-attack-expense-vary-by-method-of-attack.html
Most Common Reasons Why Cyber Risk Management Controls Are Not Implemented
IT Professionals cite the following difficulties:
40% Lack of monitoring and enforcement of end users
38% Complexity of compliance and regulatory requirements
37% Lack of skilled or expert personnel
36% Lack of leadership
20% Insufficient resources for budget
19% Lack of...Read Full Story Here:
http://www.insurancefortechs.com/most-common-reasons-why-cyber-risk-management-controls-are-not-implemented.html
Data Protection Strategies Survey on Cyber Security
How Companies Deal with Cyber Risks
30% Have informal strategy
26% Have a formal strategy, but not implemented across entire enterprise
25% Do not have a strategy
19% Have formal strategy implemented across entire enterprise
Cyber Liability underwriters will typically not accept...Read Full Story Here:
http://www.insurancefortechs.com/data-protection-strategies-survey-on-cyber-security.html
Severity Of Data Breaches
Average organizational cost of data breach involving personal data
Year Cost
2005 $ 4,541,429
2006 ...Read Full Story Here:
http://www.insurancefortechs.com/severity-of-data-breaches.html
Frequency Of Data Breaches
Reported number of data breach involving personal data
Year Number of Breaches
2005 136
2006 ...Read Full Story Here:
http://www.insurancefortechs.com/frequency-of-data-breaches.html
Monday, July 15, 2013
Cyber Risk: Limits Most Commonly Purchased
Total coverage limits of stand-alone cyber risk purchased
15% Less than $ 5,000,000
48% $ 5,000,000 to $10,000,000
19% $ 10,000,000 to...Read Full Story Here:
http://www.insurancefortechs.com/cyber-risk-limits-most-commonly-purchased.html
Percentage of Business That Purchase Cyber Liability
Do you purchase stand-alone cyber risk insurance?
25% Yes
71% ...Read Full Story Here:
http://www.insurancefortechs.com/percentage-of-business-that-purchase-cyber-liability.html
Data Breaches Costs Per Record
Average cost per compromised record
Year Cost
2005 $ 138
2006 $ 182
2007 $ 197...Read Full Story Here:
http://www.insurancefortechs.com/data-breaches-costs-per-record.html
Reasons Cited For Not Purchasing Cyber Risk Insurance
Percentage of Businesses Citing Specific Reason
43% Company self insures exposures
18% Believe cyber risk covered under General Liability
17% IT department does not think coverage is needed
16% Coverage too expensive
6% Broker advised that risk of claim is low for the...Read Full Story Here:
http://www.insurancefortechs.com/reasons-cited-for-not-purchasing-cyber-risk-insurance.html
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