PHILADELPHIA, October 16, 2019 — Cozen O’Connor sponsored the NetDiligence ninth annual Cyber Claims Study, a study of actual losses for data breaches and other cyber-related events covered by leading cyber insurance claims. This year’s report features analysis of 2,081 claims arising from events that occurred during 2014–2018. The study found that the average cost of a breach for small to medium enterprises was $178K, whereas the average cost of a breach for large companies was $5.6M.

Mark Gresiger, president of NetDiligence stated, “The empirical data in this year’s study supports a trend that we’ve been sensing, but couldn’t prove — that the impact of cybercrime is growing.”

“This report quantifies the cost of cyber breaches,” said Brian Kint, CIPP/US, member of Cozen O’Connor’s Privacy & Data Security practice. “One way companies can mitigate the damage is to stay ahead of the issue.”

The Cozen O’Connor Cyber Solutions & Data Strategies team works closely with clients across all industries to identify and build effective solutions and circumvent common problems in the areas of privacy and cyber security. The  team of attorneys at Cozen O’Connor brings a lot of experience in helping companies protect data, comply with different regulations and respond to investigations and litigation.

Additionally, Cozen O’Connor along with RSM, a sponsor of the Cyber Claims Study, will be providing insight on their experience handling cyber incidents during a webinar hosted by NetDiligence on November 6, at 1:00 p.m. Eastern. For more information, or to watch the webinar, click here.