Cyber crime is one of the fastest growing areas of crime in the world. Modern day criminals are exploiting the speed and the convenience of the worldwide web to attack businesses on a global basis, resulting in losses that, according to a recent Symantec report, topped over $388 billion in 2011. It is clear that in 2013 this is a risk that cannot be ignored.

Executive Summary

IT security is too important to be left to the IT department, especially at p/c insurance companies, which are entirely reliant of systems and data, says CFC Underwriting's Graeme Newman. He provides three glaring examples of actual data losses and systems breakdowns at major financial services firms.

Worth almost as much as the global drugs trade, cyber crime affects every industry and market sector. Deloitte’s recent security survey revealed that in 2012 almost 25 percent of financial services firms experienced some form of security breach. More importantly, 40 percent of the 46 insurance carriers interviewed for the survey had experienced one or more breaches in the previous 12 months, according to the survey (2012 Global Financial Services Industry Security Study, Breaking Barriers, published in September 2012).

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