Data breach and cyber attack in the EU: the insurance factor
30 December 2016
Dr. Nathalie Moreno, considers the risks associated with some of the new data security requirements and examines the role of insurance cover in managing the risks posed by potential data breaches and cyber attacks.
Data breaches and cyber attacks are now part of the new norm any organisation needs to contend with in an evermore interconnected world. It is therefore no surprise that businesses increasingly have turned to cyber liability insurance to protect and mitigate exposure to such risks. Interestingly, the Aon Global Risk Management Survey 2015 identified cyber risk as a severe risk for organisations of all sizes and, according to Pricewaterhouse Coopers, some 117,000 cyber-attacks were anticipated each day in 2015. The Aon survey cites the Washington think tank, the Center for Strategic and International Studies which claimed that the estimated annual cost of cyber crime to the world economy is US$ 445 billion (almost 1% of global income), not including the intangible damages to an organisation.
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