Cyber insurance has a long reputation as a privacy liability product for businesses that hold sensitive data – but privacy exposure isn’t the only risk facing businesses today. In fact, cybercriminals are increasingly targeting traditional industries that hold almost no sensitive data at all, whether through ransomware attacks that halt operations or business email compromise scams that result in wiring payments to fraudulent accounts.
Many companies find themselves confused about how cyber insurance actually works. It is important to focus on the areas that are truly relevant to the industry you operate in.
The below cyber risk heat map was built from data relating to 2,500 cyber claims from the last two years as well as external cyber security threats. This color-coded graph ranks the severity of different industries’ exposure to business interruption, privacy, and cybercrime and includes a few examples of how these exposures can play out for different types of organisations.
This heat map was produced by cyber insurance specialist, CFC. For more information about CFC, visit www.cfcunderwriting.com or speak to your Partners& insurance broker.