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CAN YOU AFFORD TO BE NEGLIGENT? While the figures for the most recent Ponemon Institute Study* continue to worsen for 2010 and 2011, the fact remains that data breaches continue to have serious financial consequences. Although the trend for 2010 was less than surprising given the increasing frequency of data breaches, there were some new and interesting findings uncovered in the 2010 study: The increased cost of rectifying a data breach is directly correlated to how quickly an organization responds to a breach. The Ponemon study's results suggest that responding too quickly to a data breach may cause cost inefficiencies during the detection, escalation and notification phases. 2010 was the first year in which the study revealed that malicious or criminal inspired data breaches were no longer the least common type of breach, but remain the most costly to rectify. In the six years that the Ponemon Institute has conducted this study, 2010 marked the 5th year in a row that costs associated with data breaches have continued to increase. The average cost incurred by an organization in response to a data breach in 2010 increased to $7.2M. This figure represents a 7% increase over 2009 ($6.8M). For the second year in a row, the 2010 Ponemon study suggests that abnormal churn, or turnover of customers after a data breach incident, appears to be the dominant factor in data breach cost. S.H. Smith & Company has been at the forefront of cyber liability since the coverage's inception. With a product as complex and variable as cyber liability, make sure that you entrust your coverage to an expert. We invite you to contact one of our cyber experts to answer any questions you may have or to better understand our full spectrum of capabilities. Let us show you the S.H. Smith & Company difference and expertise.
*All data taken from the Ponemon Institute's 2010 Annual Study: U.S. Cost of a Data Breach, March 2011. S.H. Smith & Company is licensed to work in all 50 states and has offices in Connecticut, Maryland, Massachusetts, Minnesota, New Jersey, New York, Ohio, and Rhode Island. |
KEY FINDINGS
GET THE FULL REPORT Download the complete report, The Ponemon Institute's 2010 Annual Study: U.S. Cost of a Data Breach, for more information.
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WWW.SHSMITH.COM For general information about S.H. Smith & Company, feel free to contact any of our Regional Sales Managers listed below. For any region not listed, please contact our President, This e-mail address is being protected from spambots. You need JavaScript enabled to view it. or call us at (800) 356-0168. S.H. Smith & Company is a national firm, licensed to write in all 50 states.
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