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Volume 27, Issue 3

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August 27, 2013

Is A Cyber Security Breach More Damaging Than A Natural Disaster?

According to a survey performed by Experian Data Breach Resolution and the Ponemon Institute, only 31 percent of companies are insured against data breaches.  Meanwhile, 76 percent of respondents rated the impact of a security breach to be greater than or equal to a natural disaster, business interruption or fire.

The average cost for data breach was estimated by respondents to be $163 million, although some projections neared $500 million in damages. For a 24 month period, the 56 percent of respondents having suffered a cyber-security attack reported the average cost of the breach to be $9.4 million.