Cyber Liability
Recent Cyber Liability Claims
- Stolen Client Laptops 2 laptops from the service provider containing the data of over 80,000 clients of the retailer. Payout: $1,200,000
- Rogue HR Employee Terminated employee steals confidential information from customer files. Payout: $3,500,000
- IT Company Spyware Attack An employee opened a phishing email on her work computer, for 2 weeks the spyware emailed over 1,000 screenshots of confidential data on 150 customers. Payout: $5,300,000
- Ransomware at Data Company A U.S. based IT company contracted with an overseas software vendor which left certain “administrator” defaults on the company’s server and a “hacker for hire” was paid $20,000 to exploit the vulnerability. Payout: $4,600,000
Top 12 Security Controls As Recommended by Cyber Insurers
- Multi-Factor Authentication (MFA)
- Virtual Private Network (VPN) & Remote Desktop (RDP)
- Endpoint Detection & Response (EDR)
- Network Security & Segmentation
- Privileged Access Management
- Endpoint Access Controls
- Data Recovery & Remediation
- Offsite Encrypted Backups
- Malware Protection
- Patch Management Program
- Employee Awareness Training
- Vulnerability Assessment & Audit
The Facts
- $400B is the estimated annual business loss to cybercrime globally
- 94% of organizations experienced phishing attacks
- 73% of organizations impacted by impersonation attacks have experienced a direct loss
