Cyber incidents by the numbers
An insight into Chubb's global cyber claims experience over the past decade
Chubb has been a leading global provider of cyber risk solutions since the launch of our first product in 1998. As a result of these decades of experience, we have gained meaningful insights into the various perils and average costs associated with cyber incidents in direct relation to the many industries affected.
By sharing our industry specific experience from across the world, our aim is to increase awareness of cyber exposures for our insureds and broker partners. This information can aid executives, risk managers and information technology professionals in crafting their overall enterprise risk management framework including proactive loss mitigation as well as cyber insurance tailored for the organisation .
The following insights are taken from analysis of Chubb's global Cyber claims data over the last 10 years.
Trigger of cyber incident
Our past decade of claims experience helps to dispel the notion that cyber insurance only responds to hacking and that these technology driven incidents only target organisations which handle a significant amount of data. In fact, all companies face cyber exposures far beyond the sophisticated incidents which occupy the news headlines.
Cost of cyber incidents
The following are average costs our insureds have incurred in responding to cyber incidents before any follow on liabilities like regulatory proceedings or other litigation. While liability issues can’t always be mitigated, the majority of claims costs result from direct crisis costs incurred to contain and remediate the incident.
Industry breakdown
While the healthcare industry has made up the largest share of our cyber claims, the distribution of claims across all industries continues to widen.
Claim triggers by industry segment
While hacking has represented a majority of cyber incidents for some industries like Retail, a large share of the incidents we handle stem from other scenarios like rogue employees or simple human errors. For example, healthcare organisations have faced a vast majority of human related issues as opposed to malicious hacks.
Human error incidents increasing in frequency
All industries share one common denominator of rising claims from human-related errors, with the increase more pronounced in some industries than others. These trends can provide important insights for organisations as they identify their vulnerabilities and areas to allocate proactive risk mitigation resources.
Cyber incidents by the numbers
An Insight into the Perils and Costs over the Past Decade
Download full infographic
This content is brought to you by Chubb Insurance New Zealand Limited (“Chubb”) as a convenience to readers and is not intended to constitute advice (professional, financial or otherwise) or recommendations upon which a reader may rely. Any references to insurance cover are general in nature only and may not suit your particular circumstances. Chubb does not take into account your personal objectives, financial situation or needs and any insurance cover referred to is subject to the terms, conditions and exclusions set out in the relevant policy wording. Please obtain and read carefully the relevant insurance policy before deciding to acquire any insurance product. A policy wording can be obtained at www.chubb.com/nz-en through your broker or by contacting any of the Chubb offices. Chubb makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content. Readers relying on any content do so at their own risk. It is the responsibility of the reader to evaluate the quality and accuracy of the content. Reference in this content (if any) to any specific commercial product, process, or service, and links from this content to other third party websites, do not constitute or imply an endorsement or recommendation by Chubb and shall not be used for advertising or service/product endorsement purposes. ©2020 Chubb Insurance New Zealand Limited Company No. 104656 FSP No. 35924. Chubb®, its logos, and Chubb.Insured.SM are protected trademarks of Chubb.
Interested in this Chubb policy?
Have a question or need more information? Contact us to find out how we can help you get covered against potential risks