Cyber-insurer Ace Group recently published data they say predicts a data breach. Based on their data (and the need to sell premiums) the insurer claims that all firms are at risk for a data breach. Matthew Prevost, vice president, ACE Professional Risk recently claimed data breaches are inevitable.
When it comes to cyber risk, it is not a question of if or when, but how – how can an organization proactively prepare for and then quickly respond to cyber-related breaches and interruptions?
ACE has a unique position to speculate, according to ClaimsJournal ACE has over 15 years of experience with cyber-risk. The firm has cataloged a considerable amount of lost data. They recently shared several key insights from their proprietary data. FierceITSecurity explains that based on cyber insurance provider ACE data, the top triggers for data breaches are:
Network security attacks – 25%- Lost or stolen devices – 20%
- Human error -16%
- Rogue employees – 15%
- Faulty policies – 9%
- Use of paper – 6%
- Software error – 3%
The firm’s data says that lost and stolen devices that led to data breaches are:
- Laptops – 70%
- Memory devices – 28%
- Smartphones – 2%
Former employees accounted for 25 percent of insider attacks, and financial incentive was the motive in 72 percent of insider attacks, according to ACE.
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I have written about the cyber insurance market here and here. The most surprising factoid to me is that lost or stolen smartphones lead to data breaches 2% of the time. Perhaps the ACE data is old, or the security marketers have spread FUD and hubbub about the need for MDM, EMM, and remote wipes just to make a buck.
Do you agree with ACE’s stats?
Related articles
- Why small businesses should consider cyber liability insurance (hiscoxsmallbizblog.com)
Ralph Bach has been in IT long enough to know better and has blogged from his Bach Seat about IT, careers, and anything else that catches his attention since 2005. You can follow him on LinkedIn, Facebook, and Twitter. Email the Bach Seat here.
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