#netdiligence

More than 100 top voices in cyber unite for expert summit

While some areas of commercial insurance are starting to see more favorable rating conditions, the cyber insurance market remains firm. The cost of claims continues to be significant amid a challenging cyber risk landscape, which is rife with ransomware attacks, business email compromise events, an uptick in litigation around privacy breaches, and the looming threat of state-sponsored…

The average cost of a cyber breach in 2015 was nearly $674,000—for now, according to NetDiligence’s latest cyber claims study.

Revealed at its Cyber Risk & Privacy Liability Forum here, the claims study is based on a sampling of 160 cyber liability claims, with a claim range of zero to $15 million. Claims involving the loss of records containing personal identifiable information made up the most (45 percent). Nearly a third involved hackers.

NetDiligence said the dataset, received from about 20 insurers, includes some claims that have not yet been paid. The average could rise to $1.1 million assuming self-insured retentions are met.

Read more at http://www.cyberrisknetwork.com/2015/10/07/average-cost-of-cyber-breach-claim-is-674k-study/