NetDiligence Releases Analysis on Healthcare Cyber Claims
PHILADELPHIA, April 5, 2018 /PRNewswire/ -- NetDiligence®, a leading provider of cyber risk readiness and response services, announced today it has published Spotlight Healthcare, data-driven analysis of cyber risk insurance claims in the healthcare sector, as an addendum to the company's 2017 Cyber Claims Study.
This "deeper dive" report analyzes cyber risk insurance claims in the healthcare sector for incidents that occurred from 2014-2016. Among the findings:
- Many of the claims occurred in small or mid- sized (SME) healthcare organizations.
- While healthcare claims comprised 17% of claims in the 2017 claims dataset, they represented 28% of total breach costs ($65M of $229M).
- The average number of records exposed in a healthcare breach was 1.6M. The median number of records exposed was a modest 1K.
- Average Total Breach Crisis Response costs (legal guidance)/Breach Coach®, forensics, victim notification, credit/ID monitoring, etc.) for healthcare was 3 times higher than the average of all other business sectors ($676K vs $204K).
"The quantity and quality of cyber claims submitted by our insurance carrier partners for our annual study has grown every year," said Mark Greisiger, president of NetDiligence. "With sufficient loss data we are able to dive more deeply into what's occurring in specific business sectors or as a result of specific types of losses. Knowledge is power, and NetDiligence is committed to providing greater insight into the true impact of data insecurity for our cyber risk insurance partners and their policyholders."
The Spotlight Healthcare study is available for download at the NetDiligence website (https://netdiligence.com/portfolio/cyber-claims-study/). eRiskHub® licensors and their clients have exclusive access to an expanded version of the study in their eRiskHub portal.