© 2021 RSM US LLP. All rights reserved.
Do you know the true costs of a data breach?
Understanding the ongoing cybersecurity threats to the middle market
As cybersecurity threats and data security events continue to increase, understanding the costs and resources necessary to respond to them is essential. RSM US LLP is a proud sponsor of the 11th annual NetDiligence® Cyber Claims Study, a report detailing the actual losses for data breaches and other cyber-related incidents covered by leading cyber insurance carriers.
This year's report features analysis of almost 6,000 claims arising from events that occurred between 2016 and 2020. The claim data is aggregated in over 20 ways, including related costs, business sectors affected, the type of data exposed and the causes of loss, especially the growing ransomware threat.
Ransomware was once again the leading cause of loss for small to medium-sized enterprises in this year’s study. The survey found that the average ransom grew to $247,000, while the average cost of a ransomware incident climbed to $352,000. In addition, more than 55% of ransomware claims have occurred over the last two years.
“We expect these (ransomware) numbers to continue to trend in an upward direction unless organizations focus on putting appropriate defensive controls and processes in place.”—Tauseef Ghazi, RSM National Leader, Security and Privacy Risk Consulting
Download the report to explore key findings from cyber claims, including:
- The average incident and crisis services costs for middle market companies (spoiler alert–these costs are skyrocketing)
- Increased costs of business interruption and recovery for small to medium-sized enterprises as well as large companies in 2020
- The number of private data records exposed among the 5,797 claims in the dataset
- The top five causes of loss for small to medium-sized enterprises