Cyber incidents rise 48% in 2014

The number of cyber-related security incidents increased 48% to 42.8 million last year, according to a PriceWaterhouseCoopers (PWC) worldwide survey.

The average financial loss from breaches grew 34% to $US2.7 million, while the number of organisations reporting financial hits of more than $US20 million nearly doubled.

The number of detected cyber incidents has increased at a compound annual rate of 66% since 2009.

PWC Australia National Cyber Leader Steve Ingram says despite greater awareness there is still complacency about cyber threats.  “We know it can cost much more to remediate cyber incidents than prevent them. Mid-tier companies are now the weak link and are coming in for increased attention from cyber criminals, because larger organisations have implemented more effective security measures.

About 67% of New Zealand survey respondents plan to increase their security budgets in the next year. “New Zealand organisations were above average in developing a cyber-security strategy, but poorer when it comes to executing it,” PWC partner and Cyber Practice Leader Adrian van Hest said.

The survey’s results are based on responses from more than 9700 security, IT and business executives in more than 154 countries.

SOURCE: www.insurancenews.com.au

Can I protect against Cyber Risk?

Cyber Liability Insurance is now available in New Zealand, protecting you against liabilities arising from data protection laws, management of personal data and the consequences of losing information such as intellectual property and proprietary information that could damage your business.  Cover is also available for individuals including loss of credit card numbers, medical records and other private personal information which can be stolen and used inappropriately.

With network attacks and security becoming a significant global issue, the Abbott Group can arrange cover for direct first party losses such as recovering lost or destroyed data, notification, monitoring and forensic investigation expenses and lost income.

For more information about Cyber Liability insurance, please contact your broker.

Published on Monday, March 30th, 2015, under Latest News