Spotlight Professional Services - Cyber Claims Studyby Mark Greisiger, NetDiligence® | NetDiligence® | 02/05/2019
The Professional Services industry is a significant part of the American economy. In 2017 (the latest data available), the Professional Services industry comprised 1.18M firms, and employed 9M people. The industry had a combined annual revenue of $1.76T.
That’s why NetDiligence® is pleased to release an extended analysis of cyber claims that have been filed by firms in the Professional Services sector.
Beginning with a recent dataset of over 1,200 claims provided by our insurance partners, we have classified and analyzed 290 claims from the Professional Services sector. These claims provide insight into losses sustained from cyber events over the five-year period of 2013–2017. The incidents that occurred in 2017 have also been analyzed separately.
In addition to overall sector results, the following sub-sectors of the Professional Services industry were analyzed for this report: Accounting, Legal services, Real Estate services, Construction/Maintenance, and Insurance.
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Tuning in to Silent Cyber
A Q&A with Scott Stransky of AIR Worldwide
The exposures associated with cyber incidents and losses reach far and wide, including a whole category of risk called “silent cyber.” With traditional policies offering ambiguous coverage for cyber events, insurers and their insureds face a significant amount of gray area for these risks, which have now become commonplace. To better understand silent cyber and what can be done about it, we talked to Scott Stransky, vice president and director of emerging risk modeling at AIR Worldwide.