2017 Cyber Claims Study

By NetDiligence

November 20, 2017

Introduction

This study was published by NetDiligence whose objective is to provide reliable, insightful, rigorous and informed analysis from consolidating claims data from insurers.

The 2017 Cyber Claims Study is pivotal with extensive data-driven analysis distilled and modeled in three distinct measures: numbers of records, costs of breached, and per record costs. Notable in this year’s study, we have contrasted and compared datasets aggregated over the last four years.

The data graphics provided distinguish the rich and complex statistical material, successfully organizing a large collection of numbers and making comparisons between different parts of the data narrative.

In coming years, we will closely follow costs associated with exposures for companies that have a presence in the EU. The General Data Protection Regulation (GDPR) goes into effect in May 2018. This regulation applies to all EU member countries and companies based in those countries and any non-EU companies that process the data of EU citizens. The maximum fines for lack of compliance could be enormous—up to 4% of overall turnover/revenues or €20M, whichever is greater.