For the report, NetDiligence reviewed cyber liability insurance claims reported across multiple industries and from several insurers to help risk management professionals understand the importance of data security.
Here are five report findings.
1. Healthcare and professional services were the most breached sectors, each representing 18 percent of all breaches
2. The average cost of a breach was $394,000 — but in healthcare, the cost was much higher at $717,000.
3. Those costs covered crisis services ($249,000), legal defense ($121,000) and legal settlement fees ($255,000).
4. Hackers caused 27 percent of all breaches, while insiders were involved in 25 percent of all incidents.
5. Payment card information (67.2 percent) was most likely to be exposed, followed by protected health information (17 percent) and personally identifiable information (15.7 percent).
More articles on cybersecurity:
IBM: Why fewer breached records in 2017 is bad news
HHS OIG confirms cybersecurity center under investigation
Report: 24.4% of web traffic in healthcare comes from ‘bad bots’
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