10 Things to Know About Cyber Risks in Public Entities

April 20, 2015
  1. The per capita cost of a data breach to the public sector is $172 per record, according to the “2014 Cost of Data Breach Study: United States” — Ponemon Institute
  2. Public sector companies have the highest estimated probability of having a data breach, which could be attributed to the amount of confidential and sensitive information they collect and store. — Ponemon
  3. The average annualized cost of cybercrime to the public sector was $8.5 million in 2014, according to the “2014 Cost of Cyber Crime: United States” research report. — Ponemon
  4. At least 47 states, the District of Columbia, Guam, Puerto Rico and the Virgin Islands have enacted legislation requiring private or government entities to notify individuals of security breaches involving personal identifiable information. — Insurance Information Institute’s 2014 Cyber Risk Report
  5. Educational organizations accounted for 9 percent of the 614 publicly disclosed data breaches in 2013. — I.I.I.
  6. Educational organizations had 3.2 million records exposed as a result of data breaches in 2013. — I.I.I.
  7. Data breaches in the government/military sector accounted for 11.7 percent of U.S. breach incidents in 2013. — Identity Theft Resource Center
  8. Only 10 percent of current public sector clients add cyber protections to existing insurance policies. — Robin Leal, underwriting director, Travelers Public Sector Services
  9. More than 94 million records containing personally identifiable information were exposed by breach incidents in government agencies between January 2009 and May 2012. — Rapid7
  10. A 2014 survey of public risk managers and other public officials found that only 40 percent of the 236 survey participants said their public entity has purchased a cyber liability policy. 25 percent of all survey respondents were unsure if their public entity has cyber insurance protection. — Travelers Public Sector Services

Was this article valuable?

Here are more articles you may enjoy.

From This Issue

Insurance Journal West April 20, 2015
April 20, 2015
Insurance Journal West Magazine

Big “I” Issue (w/ Young Agents Survey); Cyber Risks; Public Entities & Schools