Advisen Loss Insight: possibly 39% more cyber cases than 2013

By Chad Hemenway on August 1, 2014

According to Advisen’s Loss Insight database, cyber-related cases during the first half of 2014 are outpacing cases for the same period a year ago.

Advisen has logged 2,770 cyber cases as of June 30. A year ago, the count for the first six months was 1995, or about 34.4 percent of the total 5803 cases for 2013.

Using these proportions to deduce an estimated case count for all of 2014, there will be more than 8,050 cyber cases this year—or about a 38.8 percent increase over the total count in 2013.

As of now, Advisen Loss Insight holds 13,650 cases. This total includes events, which we highlighted separately in a report earlier this month. The count also includes lawsuits, response costs and fines and penalties, etc.

ALSO READ: 800 first-half cyber events…and counting 

Looking at case-status composition gives a look at the progression, or result, of cyber events. Of the cases, 830—or about 6 percent—are settled. About 5 percent of cases are pending.

Looking at the case-type composition, Digital Data Breach, Loss or Theft leads other categories by a large margin.

Over time, System/Network Security Violation or Disruption has made up more of the total cyber case count since 2011. Cases having to do with printed records still account for an interesting proportion of cases. Since 2009, the proportion of events involving printed records has narrowed.

Focusing on industries, businesses classified as Services account for a majority of cyber events. Services includes personal, business, health and education services; engineering; auto repair; amusement and recreation; and motion pictures.

Chad Hemenway is Managing Editor of Advisen News. He has more than 15 years of journalist experience at a variety of online, daily, and weekly publications. He has covered P&C insurance news since 2007, and he has experience writing about all P&C lines as well as regulation and litigation. Chad won a Jesse H. Neal Award for Best Single Article in 2014 for his coverage of the insurance implications of traumatic brain injuries and Best News Coverage in 2013 for coverage of Superstorm Sandy. Contact Chad at 212.897.4824 or chemenway@advisen.com.