Advisen Loss Insight: Loss of personal privacy records escalates

Throughout the last six or seven years, the loss of personal privacy data has been steadily growing, according to Advisen Loss Insight Data.

Personal information unrelated to personal financial information such as email and home addresses make up an increasing number of events in the database, said Dave Bradford, president of Advisen’s Research & Editorial Division and co-founder of Advisen. Bradford gave his heralded Cyber Market Overview at Advisen’s Cyber Risk Insights Conference in New York.

Here is a look at some additional slides from the presentation….

As Advisen charts the paths of the composition of events throughout the years, one can see how data breaches are decreasing and operational–system/network security violations–are increasing.

Looking at the sources of loss, servers continue to be where much of the data is lost. But somewhat surprisingly printed records is also a major source of loss. “there continue to be paper-trail exposure,” said Bradford.

Clearly, the larger a company’s revenue, the more likely it is to have purchased cyber insurance. However, depending on the definition of “middle market” the cyber insurance industry has broken through here. Companies with revenue of between $100 million and $300 million have been buying more.

Those who are buying are seeing some premiums increases on renewal, but according to Advisen data, the increases have been getting smaller and smaller each month, compared to the same month in 2013.

“Some rate is achieved but there are no sharp upticks,” Bradford said.