Call Us 866.940.1101 ☰ ˟
866.940.1101
Logo
  • Home
  • About Us
    • About Us
    • Employee Directory
    • Partners Page
    • Event Calendar
    • Refer a Friend
  • Get A Quote
  • Products
    • Lawyers Malpractice Insurance
    • Professional Liability Coverage For Attorneys
    • Accountants Professional Liability
    • Dentist Malpractice Insurance
    • Business Owners Policy
    • Cyber Liability Insurance
    • Workers Compensation Insurance
    • Title Agents E&O Insurance
    • Paralegal Malpractice Insurance
  • Testimonials
  • Common Terms
    • Common Terms
    • Frequently Asked Questions
  • Blog
  • Contact
  • Areas We Serve
    • Grand Rapids, MI
    • Detroit, MI
    • Lansing, MI
    • Kalamazoo, MI
Home > Blog > Cyber Insurance—Cyber/Data Breach Claims up over 78%
FRIDAY, JANUARY 6, 2017

Cyber Insurance—Cyber/Data Breach Claims up over 78%

According the BBC report  CFC Cyber Insurance Claims have increased 78% for data breach/cyber-attacks.  The claims came in at a rate of more than 1 a day in 2016 for this insurer.  They have seen large amounts of login details stolen and shared more frequently.

The data breaches were proving more popular as the selling stolen confidential information or using the stolen login information to steal cash.  Interestingly enough ransomware attacks were only the 3rd most frequent cause of lost with 16% of the claims.  Privacy breach was number 1 with 31% of the claims that were reported, followed by 22% of the claims being for financial loss.

Most of the reported claims were from smaller firms, were the security was weak.

The article speculates that many smaller firms were purchasing cyber insurance in place of better security because they could not afford the staffing and cost of running a large internal security staff.  But it ends with the warning that not having good cyber-defenses is very risking because many cyber breaches become public events that are very damaging to a firm.  In some cases the PR may cause the business to fail.

Posted 12:31 PM

Tags: cyber insurance, data breach, ransomware
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2013
  • 2011

  • lawyers professional liability insurance(429)
  • attorney malpractice insurance(400)
  • attorney malpractice(337)
  • legal malpractice(225)
  • legal liability(134)
  • cyber insurance(106)
  • data breach(92)
  • ethics(87)
  • erp(57)
  • malpractice insurance(55)
  • claims(39)
  • title agency e&o(36)
  • accountant e&o(34)
  • extended reporting period endorsement(30)
  • tail(29)
  • phishing(25)
  • legal malpractice insurance(23)
  • prior acts(22)
  • claims made coverage(21)
  • extended reporting period(21)
  • cyber security(20)
  • cyber liability(18)
  • accountant errors & omissions(18)
  • claims reporting(18)
  • crime insurance(16)
  • ransomware(16)
  • claim prevention(16)
  • attorney protective cle(14)
  • the hartford weekly newsletter(14)
  • attorney protective cle webinar(14)
  • 2022 mcgowan pro cpe webinar for accountants(13)
  • professional liability insurance(13)
  • mcgowan webinar series for cpas 2021(12)
  • retirement tail(12)
  • attpro tip of the month(12)
  • business owners insurance(11)
  • legal liability insurance(11)
  • fee suits(10)
  • full prior acts(10)
  • cyber crime(10)
  • accountant errors & omissions insurance(10)
  • prior acts date(9)
  • step rating(9)
  • non-practicing erp(9)
  • bop(9)
  • cyber liability insurance(9)
  • title agent errors & omissions(9)
  • claims made(9)
  • coverage(8)
  • webinar(8)

View Mobile Version
Logo
Quick Links
Home Our Products Customer Service Payment Options Common Terms
About Us Refer A Friend Our Carriers Blog Contact Us
Location
2430 Camelot Ct SE
Grand Rapids, MI 49546

Local: 616.940.1101
Toll Free: 866.940.1101
Email: info@L2ins.com
Facebook Twitter Social LinkedIn
© Copyright. All rights reserved.
Powered by Insurance Website Builder