Study Finds 44% Of Corporations Surveyed Have Filed A Claim Due To A Data Breach

A recent Wells Fargo study of 100 middle market companies and large corporations in the United States has found that 85% of respondents have purchased cybersecurity and data privacy insurance coverage to protect against financial loss, while nearly half (44%) have already filed an insurance claim as a result of a breach. For almost half of the companies that have cyber and data privacy insurance, the biggest challenges they faced when purchasing the coverage was finding a policy to adequately fit their company’s needs (47%) or the cost (42%).