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Attacks/Breaches

4/4/2016
11:30 AM
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Cyber Insurance Rates Drop With Decrease In Big Data Breaches

Insurers cut cyber insurance rates during the first quarter of 2016 as high-profile hacks subsided, Reuters reports.

Cyber insurance rates have dropped, thanks to a drop in major data breaches. The relative quiet in massive breaches has prompted insurers to lower insurance prices during first three months of 2016 for high-risk industries including retail and healthcare, according to a Reuters report.

A series of big-time hacks on big hames such as Home Depot, Target, and Anthem, increased insurance costs for many firms last year. These breaches prompted large payouts from insurers, including $90 million and $100 million for Target and Home Depot, respectively.

According to insurance broker Marsh of Marsh & McLennan Cos Inc., the cost of $1 million in cyber insurance for high-risk businesses fell 13% in the first quarter of this year to $18,756, after the average premium hike of 28% to $21,642 last year.

“Pricing has stabilized. There is only so far things can go before people choke and say 'I’ve had enough,” said Robert Parisi, cyber insurance executive at Marsh, in the report. But Kevin Kalinich of Aon Risk Solutions told Reuters that pricing can vary dramatically from case to case.

Read the full Reuters article here.

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Jeremseo
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Jeremseo,
User Rank: Strategist
4/5/2016 | 10:46:26 AM
Customer data
Customer data is more and more important nowadays and information is everything. So I would say rethink of the valau of that is important.
pfretty
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pfretty,
User Rank: Apprentice
4/4/2016 | 1:01:12 PM
Governance isn't optional
I would hope this is a sign that more organizations are understanding the importance of governance. Customer data in particular is one of the most valuable assets that any organization can possess. More need to take this into consideration as they embark on the data journey. Peter Fretty, IDG blogger for SAS Big Data Forum.
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