This report uses the Willis Towers Watson analysed claims data to provide specific insight into the types of loss that businesses may be exposed to. All claims that have been analysed are included in the calculation for the average claim settlement, the determination of the largest loss and the loss amount distribution charts.
Claims reported by clients from 2013 to December 2019 are included in this report:
- This is a total of close to 1,200 claims from nearly 50 countries.
- The average settled cyber claim (where any type of cost has been incurred, excluding zero value losses) is $4.88m.
From the analysis the key trends are:
- Data breaches are the most frequently reported losses and have the largest total amount of costs associated with them.
- Malicious data breaches carried out by third parties (as opposed to accidental data breaches by the company or malicious data breaches carried out by rogue employees) are the most frequently occurring and most expensive type of data breach loss.
There is a huge variation in the size of data breach losses that are reported, ranging from a single data subject to over a million impacted records.
To obtain a copy of the report, that includes more detailed analysis and information, click on the ‘Download’ button above.