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