Every Business Should be Worried about Cyber Liability
Setnor Byer Insurance & Risk
Insurance, Risk Assessment, Cyber Liability
Regardless of industry, cyber attacks and data breaches expose businesses to potentially enormous losses and liabilities. According to a report by the Insurance Information Institute (III), the potential economic fallout from the cyber threat cannot be underestimated, particularly because the number of publicly disclosed data breaches soared from 449 in 2012 to 614 in 2013. This is likely why cyber risk cracked the top 10 list of global business risks in 2014.
According to the III report:
The majority of data breaches affected the medical/healthcare industry (43.8%) and business organizations (34.4%).
Business organizations accounted for the majority of records exposed by data breaches in 2013 (84%).
A report by PWC found that cyber crimes are considered a high-level threat.
Cyber attacks have become more frequent and increasingly costly for companies to resolve.
The average annualized cost of cyber crime is estimated to be $11.6 million per year.
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, Cyber Liability
, Cyber Risk
, Risk Assessment