Cyber-Security In Insurance: 7 Things To Know

The cost of breaches

Research published by NetDiligence indicates that hackers and malware were responsible for about 97% of lost records in 2014 -- and caused a lot of pricey damage. The median cost of incidents caused by hackers was $242,762, with the most expensive one totaling $11.75 million.

The study also shows that the sources and costs of data breaches vary widely according to industry. Healthcare, which filed 23% of claims, topped them all. Financial services accounted for 22% of all claims filed and were also hardest hit by third-party breaches. Financial institutions comprised 32% of all third-party incidents. Each cost about $288,000 on average.

(Image source: PublicDomainPictures via Pixabay)