Beazley, the pioneer in breach response insurance, announced today the addition of PwC to the panel of specialist service providers available to Beazley Breach Response (BBR) policyholders. Beazley's BBR clients now have access to one of the world's largest forensic services providers to investigate suspected data breaches and network intrusions and contain the issue as swiftly as possible.
In this video, from Ace Group, Iain Ainslie explains how Cyber Risk is changing and how it now affects most business.
Iain talks on the disruption, liabilities and the expenses associated with a security breach. He argues that Cyber Risk is no longer just an IT issue, but a top line business risk that needs to be managed at board level.
The annual Global State of Information Security® survey of more than 9,700 security, IT, and business executives has found that the total number of security incidents detected by their respondents climbed to 42.8 million this year, an increase of 48% over 2013. That’s the equivalent of 117,339 incoming attacks per day, every day.
Computer Security and Cyber Risk are amongst the hottest topics in business today with everyday new reports of data loss and business disruption being reported.
What are the Challenges and opportunities for the Insurance Sector
The global cost of Cyber Crime is estimated by the Center for Strategic and International Studies to be up to $575bn in it’s report entitled “Net Losses:Estimating the Global Cost of Cybercrime”, sponsored by McAfee.
The report tries to assess the impact on the global economy by looking at the range of costs and losses associated with Cyber Crime a create an approximate total.