10.28.2015, 8:20:00 AM

Nearly half of cyber claims come from Middle Market companies

The recently released NetDiligence 2015 Cyber Claims Study illuminates the data breach dangers for Middle Market* companies. 

Unlike many other cyber-risk studies, this one is focused on insured claims and insurance claims payments. 

Along with a great infographic, the study showed that:
  • Nearly half (43%) of the reported cyber insurance claims came from Middle Market companies.
  • "Insider involvement" was responsible for more losses than outside hacking
  • While Middle Market and smaller companies accounted for 71% of claims, they were responsible for only about a third of records exposed.  While smaller companies may be more prone to data breaches, they typically house less records.
  • The per-record cost of response for the last two years has been in the range of $955 to $965.

*Although there are different definitions of Middle Market, for the purposes of this post, I used the $50 million to $2 billion in annual revenues definition. 

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