NetDiligence 2019 Cyber Claims Study

10/10/2019 08:03

The annual NetDiligence® Cyber Claims Study uses actual cyber liability insurance reported claims to illuminate the real costs of incidents from an insurer’s perspective.Our objective for this study is to help risk management professionals and insurance underwriters understand the true impact of data insecurity by consolidating claims data from multiple insurers so that the combined pool of claims is large enough that it allows us to ascertain real costs and project future trends.

While many leading cyber liability insurers participate in the study every year, there are many insurers that have not yet processed enough cyber claims to be able to participate. So our annual study remains a work in progress, while still producing some interesting results.

It is our sincerest hope that each year more and more insurers and brokers will participate in this study—that they share more claims and more information about each claim—until it truly represents the cyber liability insurance industry overall.

More than 2,000 cyber claims analyzed

NetDiligence is pleased to present its ninth annual Cyber Claims Study. This year’s report features analysis of 2,081 claims arising from events that occurred during 2014–2018. The data from these claims has been aggregated in over 20 ways, including types and amounts of losses, incident causes, types of data exposed, business sectors affected, revenue size of claimants, and the financial impact of cybercrimes (business interruption, malicious insiders, social engineering, ransomware). Sponsoring this year’s study are RSM and Cozen O’Connor.