Of the many threats that are top of mind for risk managers and the insurers who help them, cyber attacks and data breaches continue to receive a lot of attention.
For good reason, according to a recent report, the per-record cost of a data breach reached $154 in 2015, up 12% from $145 the year prior. Additionally, the average total cost of a single data breach rose 23% to $3.79 million.
Most risk managers understand that it is no longer a question of "if" but instead "when" their company will experience an incident. In fact, according to the Ponemon Third Annual Study on Data Breach Preparedness, only 35% of organizations had a data breach or Cyber insurance policy in 2015, and many more are now looking to buy policies.
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