Ponemon Institute News

Equifax Breach Could be Costliest Yet at $439M; Insurance to Cover $125M

Equifax Inc. said it expects costs related to its massive 2017 data breach to surge by $275 million this year, suggesting the incident at the credit reporting bureau could turn out to be the most costly hack in corporate history. …

SMEs Underestimate Cyber Risks Which Could Prove ‘Fatal’: Allianz Report

Small- and medium-sized enterprises are waking up to the realities of cyber risks but still underestimate their exposures, which could prove catastrophic for some, according to a report published by Allianz Global Corporate & Specialty (AGCS). For medium-sized companies with …

The High Cost of Cybercrime to Insurers and Banks

Cyberattacks cost financial-services firms more to address than any other industry and the rate of breaches in the industry has tripled over the past five years, according to a report from Accenture and the Ponemon Institute. However, while cyberattacks have …

RIMS 2017: Firms Value Cyber Assets Highly Until Time for Insurance

Despite believing that their plant, property and equipment are now less valuable than their cyber assets, most organization spend four times more on insurance protecting their physical plants, properties and equipment than they do their information-based assets. The 2017 Cyber …

Asset Managers Urged to Make Cyber Risk Top Priority

Investors are being poorly served by a haphazard approach from fund managers to the growing threat of cyber crime damaging the companies in which they invest, with a lack of clarity from the businesses themselves compounding the problem. Banks have …

Companies Let Most Technology Assets Go Unprotected: Aon/Ponemon

Cyber is one of the fastest growing risks for companies across the globe, and information technology assets are often as valuable as property assets, yet companies are only protecting 12 percent of those assets compared to 51 percent of tangible …

90% of Healthcare Firms Hit by Cyber Attack: Ponemon

A rise in cyber attacks against doctors and hospitals is costing the U.S. healthcare system $6 billion a year as organized criminals who once targeted retailers and financial firms increasingly go after medical records, security researchers say. Criminal attacks against …

As Health Data Goes Electronic, Medical ID Theft Increases

Medical identity theft jumped 22 percent last year as more U.S. health data becomes electronic and easier for cyber criminals to steal from doctors’ offices, hospitals and insurers. Incidents of medical identity theft in 2014 saw almost 500,000 people fall …

Risk Modelers Aim to Gauge Risks of ‘Cyber Hurricane’

Even as the Sony Corp. cyber attack laid bare the kinds of vulnerabilities that typically drive companies to buy insurance policies, the lack of a risk model for insurers means such protection is not always easy to get. Unlike earthquakes, …

Hiscox Endorsement Covers Business Loss by Cyber Deception, Phishing

International specialist insurer Hiscox is now offering a Cyber Deception endorsement as part of its crime insurance that is aimed at protecting businesses against malicious efforts by criminals to trick employees into transferring company funds. Cyber deception is a growing …