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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eDiscovery and Data Breaches
When used in the wake of a data breach, eDiscovery tools can help companies manage their legal and regulatory risks through the inventory of compromised sensitive information. At the Net Diligence Cyber Risk Summit, we spoke to Carolyn Purwin Ryan of Cipriani & Werner and Larry Brown of Epiq about how these technologies help companies improve both incident response and litigation readiness.