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NEW YORK, October 20, 2014 — Reporters looking for experts to discuss the state of cyber risk and insurance can contact the Insurance Information Institute (I.I.I.).
There have been 606 data breaches, exposing more than 77 million records, thus far in 2014, according to the Identity Theft Resource Center’s breach database. The top 10 states for cybercrime were, in order: California, Florida, Texas, New York, Pennsylvania, New Jersey, Illinois, Virginia, Ohio and Georgia, the Internet Crime Complaint Center reported in 2013.
“Despite the large number of reported breaches, the actual number of breaches and exposed records is without a doubt much higher as many, if not most, attacks go unreported,” noted Dr. Robert Hartwig, CPCU, an economist and president of the I.I.I.
In fact, cyber risk moved into the top 10 global business risks in 2014, according to the third annual Allianz Risk Barometer Survey, climbing up to rank 8 from 15 in last year’s survey.
Cyber Risks: The Growing Threat, co-authored by Dr. Hartwig and award-winning Terms+Conditions blogger Claire Wilkinson, notes that notwithstanding the fact that cyber risks and cyber security are widely acknowledged to be a serious threat, many companies today still do not purchase cyber risk insurance. However, this is changing as businesses start to more fully comprehend the risk.
“Recent legal developments underscore the fact that reliance on traditional insurance policies is not enough as companies face growing liabilities in this fast-evolving area,” said Dr. Hartwig. “In the wake of numerous high-profile breaches in recent months, the demand for cyber risk insurance has risen rapidly as an increasing number of businesses gain a better understanding of the risks they face. Businesses increasingly recognize the important role that cyber insurance can play to help them better manage and reduce the potential financial losses from cyber risks in the future.”
Article: Identity Theft Insurance
White Paper: Cyber Risks: The Growing Threat
Facts and Statistics: Identity Theft and Cyber Security
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