Cyber is all about assurance and risk management

When we started CRIF last year, US based publications [insurance and infosec] asked how CRIF could help a North American cyber liability market that was already 7-8 yrs old.

I made the point that the US market is very much led by third-party policies [as defined in the UK] and that first / third party would predicate better risk management.

Here is a link to an article that follows on from this theme and if you have time to read it you may see there is a growing urgency for better risk management and realising the potential for residual risk to be transferred to cyber insurance.

Cyber threats and security breaches forcing companies to re-evaluate... canadianunderwriter.ca

Risk managers are being forced to reconsider how they protect company data and proprietary information because of cyber threats and security and privacy breaches , according to a recent survey from Towers Watson

Daljitt is Chairman of the Cyber Risk and Insurance Forum. You can contact him HERE!

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Cyber Insurance

cyber risk

Cost of data Breach Study (2011)

This Ponemon Institute study examines the costs incurred by 36 UK companies in 11 different industry sectors after those companies experienced the loss or theft of protected personal data and then had to notify breach victims as required by law. Results were not hypothetical responses; they represent real cost estimates for activities resulting from actual data loss incidents.

The number of breached records per incident this year ranged from approximately 3,500 records to more than 78,000 records.

In this the the fifth annual benchmark study concerning the cost of data breach incidents for UK-based companies and which was supported by Symantec, the average per capita cost of a data breach has increased from £71 to £79.