February 1, 2013

2012 Cyber Claims Survey

Betterley Risk Consultants’ in their 2012 Cyber/Privacy Insurance Market Survey reported that the average cost for crisis services (forensics, notification, call center, credit monitoring & legal counsel) was $983,000 per event!!! People tend to focus on the 3rd party liability portion of cyber insurance, however, most claims will involve costly crisis management expenses. Make sure to review BOTH 3rd party and 1st party coverage!