Vast Majority Of Companies Under-Insured For Cyber Risk

About 80% of companies are likely to suffer a data breach within 12 months, and while most of the associated costs will total less than $1 million, there’s a 5% chance the breach will cost the company $20 million or more. Despite these frightening statistics, however, the vast majority of companies are significantly under-insured for cyber risk. In fact, companies are likelier to buy fire insurance than they are to buy a cyber policy, according to a new report from the research firm Ponemon Institute.