Intelligence
Thoughtful insights on today's trending business and legal topics.

Ransomware is #1 for Cyberinsurance claims!

05 June 2018 Internet, IT & e-Discovery Blog

HealthITSecurity.com reported that more “…than one-quarter of cyber insurance claims received by AIG last year were the result of ransomware attacks, the largest percentage of any cyberattack type, according to the insurance giant’s 2017 cyber insurance claim statistics.” The June 4, 2018 report entitled “Ransomware Attacks Topped List of Cyber Insurance Claims” included these concerns:

…a ransomware attack is the type of cyberattack that most worries healthcare IT professionals, according to a survey of HIMSS18 attendees by security firm Imperva.

Here are the top cyber insurance claims from the AIG Cyber Claims Study 2018:

26% Ransomware

12% Data breach from hackers

11% Other security failure/unauthorized access

9% Impersonation fraud

8% Other virus/malware infections

8% Other

7% Data breach due to employee negligence (i.e., sending wrong data)

6% Physical loss or theft of information assets

4% Legal/regulatory proceedings based on violations of data privacy regulations

4% System failure/outage

3% Other cyber extortions

2% Denial of Service Attacks

Here are the top cyber insurance claims by industry from AIG Cyber Claims Study 2018:

18% Professional Services

18% Financial Services

12% Retail/Wholesale

10% Business Services

10% Manufacturing

8% Communications Mediat & Technology

5% Hospitality & Leisure

5% Public Entity & Non-Profit

4% Transportation

8% Other Industries (Food & Beverage, Construction, Real Estate, Agriculture, Information Services)

It will be interesting to see cyberinsurance claims are made in the future!