Enterprises Neglecting Cyber Insurance: Ponemon Study
Companies have neglected to source cyber security insurance, although security officials rank cyber security risks as either an equal or worse financial threat than natural disasters and other major traditional business risks, according to a recent Ponemon Institute study, Managing Cyber Security as a Business Risk: Cyber Insurance in the Digital Age.
Only 31 percent of risk management professionals at the companies surveyed report having “cyber risk” insurance coverage in place, despite the fact that the average cost per lost or stolen data record was $188 in 2012 and the average financial impact per incident totaled $9.4 million. This cost can vary, of course, based on the amount of data affected, the sensitivity of said data and response handling effectiveness, an article from Info Law Group says.