(First 100 Days) – Cyber Concerns Grow

On September 17, 2015, PLUS will be holding its annual Cyber Symposium at the Sheraton Hotel and Towers in Downtown Chicago. The need for cyber liability coverage continues to grow as do the concerns of businesses. If you’re in the cyber liability insurance business this is a must-attend event.

Growing business concerns about cyber liability are evident from a January 2015 Ponemon Institute Research Report “2014: A Year of Mega Breaches”. This report surveyed 735 IT and IT security professionals about the impact of the breaches on their IT budgets and compliance practices. According to the Report –

  • Management concern about breaches increased from 5.7 (on a 10 point scale) before the Target breach to 7.8 after;
  • 61% of respondents indicated that they increased their budget for cyber security by an average of 34%;
  • 20% of breached companies are unable to determine when a breach occurred, and one-third say it took 2 years or more to identify;
  • 55% are unable to determine where a breach occurred; and
  • Only 20% of breaches are resolved within 3 months of detection, and 28% take 2 years or longer to resolve.

Another recent report studied data breach insurance claims. The NetDilgence 2014 Cyber Claims Study, summarizes the findings of a sampling of 117 data breach insurance claims. According to that Study –

  • The median data breach claim payout was $144,000;
  • The average data breach claim payout was $733,109;
  • The average claim payout for a large company is $2.9 million; and
  • The average cost-per record was $956.21.

Please visit the PLUS website or click on the link below to find out more about and register for the Cyber Symposium. 2015 PLUS Cyber Symposium

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