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Insurance underwriters handle hundreds of security breach claims

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December 19, 2016

We just learned that insurance underwriters have recently been handling hundreds of internet security breach claims, according to new numbers released by CFC Underwriting.

CFC asserted that it handled more than four-hundred claims against cyber-breach policies it issued in 2016 alone.

The sharp rise in data security breaches and bank money transfer crimes are driving the increase, said CFC.

Average claims on CFC policies almost doubled year on year, rising an incredible 78.2 percent from 2015, said Graeme Newman, chief innovation officer at the underwriter.

Security firms say that the growing scourge of ransomware is also having a big effect on a growing trend that is likely to drive up insurance premiums going forward.

Steven Malone, director of security product management at Mimecast asserts-- "The true number of cyber attacks taking place against British and global businesses is far greater than the volume of claims that CFC reports."

"For example, ransomware is a particular favourite, with almost 40 percent of enterprises hit in the last twelve months. This number will undoubtedly rise, especially now that so-called ready-made malware kits are available for sale online through the darkweb,” he underlined.

He asserted-- “Many smaller and mid-sized organizations simply do not have appropriate data backups or the necessary cyber insurance protection to cover the most basic security breach expenses and often feel their only option is to give in to hackers’ demand and pay-up to reclaim control of their data.”

Source: LinkedIn.

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Read the latest IT news. Visit ItDirection.net. Updated several times daily.

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