By now we are all aware of the Black Friday attack on retailer Target stores which cost credit unions and community banks over $200 million, not including Target's costs or its customers' expenses. While Target may be the poster child of the epidemic of cybercrime, it is not the lone victim (In fact, Target's data breach, which affected 70 million customers, is not even the largest retail data breach to date).
According to PricewaterhouseCoopers' 2014 Global Economic Crime Survey, one in four respondents reported having experienced a cybercrime, 11% of which suffered financial losses of more than $1 million. Moreover, a recent report from the Center for Strategic and International Security states cybercrime cost the global economy $400 billion in 2013—$100 billion in the United States.
It is no surprise then that 85% of corporate executives surveyed by AIG in 2013 identified cyber risks as their biggest concern to profitability. However, less than a third of companies hold cyber liability insurance policies. Is your industry at risk?
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