For the past nine years, NetDiligence®, a leading provider of cyber risk readiness and response services, has published the Cyber Claims Study, an annual round-up of the reported claims and actual losses resulting from cybercrime that have been covered by cyber insurance carriers.
Published this fall, the 2019 report is based on 2,081 claims reported between 2014 – 2018 by both insurance carriers and brokerages. The goal of this annual study is to document the increasing frequency of cybercrime, and the real costs facing the insurance carriers that cover these incidents. Despite the well-documented risk of cyberattacks, and the financial impact that one can have, many organizations still lack the coverage required to minimize the impact.
Among the insights shared in the NetDiligence study, perhaps the most alarming was the steady uptick in claims that were the result of criminal activity, like hacking, ransomware and phishing, as opposed to noncriminal events. Just as digital security solutions become more sophisticated, so do cybercriminals. Every organization must acknowledge cybercrime as the growing threat that it is, and embrace insurance as the foundation of the strategy to protect against an insurmountable consequence.
Johnson, Kendall & Johnson is among an elite group of insurance brokers curated by TechAssure who have demonstrated expertise in helping clients best prepare for and protect against these risks. We value the insights delivered in the NetDiligence study that help provide the most robust picture of claims and losses associated with cybercrime.
You can download the complete study here.
Written by: Douglas J. Friel | Vice President | Johnson Kendall & Johnson
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