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According to the Ponemon Institute, the average total organizational cost for a data breach in the United States in 2014 is $5.85 million. Forbes reports that Target has incurred costs of $236 million related to the December 2013 breach, with some analysts predicting the total cost of the breach including attorneys’ fees and liability from lawsuits to exceed $1 billion. Some of Target’s costs will be offset by applicable insurance policies, but the financial impact will be prodigious. The frequency and cost of data breaches is growing exponentially, yet cyber insurance premiums make up only a fraction (less than 1/600) of the world’s total non-life insurance premiums. In light of the recent tidal wave of breaches, it is essential that your company has adequate insurance to cover a data breach.

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