Reported Costs Of Cyberattacks Are ‘Tip Of The Iceberg’ — QBE

Thursday, November 9th, 2017 Excess & Surplus Lines Risk Management

The mass media only reports the tip of the iceberg when it comes to cyberattacks. The real cost of a cyber claim remains drastically underreported, according to Scott Pidduck, senior underwriter at QBE Insurance Group. If a small to mid-sized company is exposed to a ransomware attack and is asked to cough up an extortion rate of $30,000, most companies would consider that a soft event. A $30,000 hit wouldn’t have a significant impact on the balance sheet of many well-established companies.

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http://www.insurancebusinessmag.com/us/news/cyber/reported-costs-of-cyberattacks-are-tip-of-the-iceberg--qbe-84259.aspx

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