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You are viewing ARCHIVED CONTENT released online between 1 April 2010 and 24 August 2018 or content that has been selectively archived and is no longer active. Content in this archive is NOT UPDATED, and links may not function.Extract from article by Greg Reber
The Ponemon Institute’s 2016 [Data Protection Benchmark] study pegs the average cost of a data breach at $4 million, with per-record costs rising slightly to $158 each. The study covers breaches in which 3,000 to 100,000 records were lost, but for larger companies, the number of records exposed is often much higher. Perhaps more alarming is the likelihood of a breach occurring: The study estimates “a 26 percent probability of a material data breach involving 10,000 lost or stolen records.”
Deciding how much cyber-insurance to buy is not a trivial matter, and the responsibility rests squarely with the board of directors (BoD). Directors and executives have the highest-level view of cyber-risk across the organization, and they are best-positioned to align insurance coverage with business objectives, asset vulnerability, third-party risk exposure and external factors.
Not all breaches are limited to data exposure. Ransomware, advanced persistent threats (APTs) and distributed denial of service (DDoS) attacks can also interrupt the course of business. How much does your organization stand to lose from a supply chain shut down, a website outage or service downtime?
Read the complete article at Cyber-Insurance: Assess Risk, Policy & Obligations
























