Privacy Violations and Network/Website Disruptions on the rise
NEW YORK, April 5, 2017 – Advisen, the leading provider of data, media, and technology solutions for the commercial property and casualty insurance market, today shared a number of 2016 year-end cyber risk trends derived from the company’s proprietary cyber database of more than 40,000 cases.
Data breaches, in which personal confidential information or digital assets have either been (or may have been) exposed or stolen, by unauthorized internal or external actors whose intent appears to have been the acquisition of such information, have long accounted for the majority of cyber losses—a trend that continued in 2016. Privacy Violations and Network/Website Disruptions, both of which tripled in size from 2010 to 2015, continued to rise last year.
2016 saw a noteworthy 90% increase in breaches perpetrated by external actors, driven partly by an increase in state-sponsored hacking—most notably the Russian interference in the US elections last year.
At mid-year, Advisen projected that the number of ransomware cases would double from 2015 to 2016, reaching an all-time high, and that came to fruition by year-end. In fact, reported ransomware cases increased 210% from 2015 to 2016. Advisen notes that there is a discrepancy between what is publicly reported and what is actually happening, as many victims tend to pay the ransom without reporting it to the authorities.
Cyber loss events are heavily skewed to the top five industries, with Finance, Healthcare, Government, Information, and Education accounting for more than 60% of cyber loss events.
“These information-rich industries are an ideal target for cyber attackers,” said Aloysius Tan, Advisen’s Cyber Expert and Product Manager.
Advisen’s cyber database includes more than 40,000 cases involving billions of unauthorized disclosures, thefts, or serious disruptions of customer & employee identities, corporate assets, and systems capabilities. Growing at a rate of 200 new cases with 1000 updates per week, this loss data is housed in a structured, relational database, and is mapped to the appropriate company from our database of over 20 million insureds. Learn more by requesting a cyber demo.
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