According to a recent Wells Fargo survey of 100 middle-market and large companies, 85 percent of respondents have purchased cyber and data privacy insurance and 44 percent have filed a claim.

“Network security and privacy liability (aka, ‘cyber’) is one of the most subjective lines of insurance, meaning that the underwriter has significant flexibility when pricing the risk,” says Dena Cusick, national practice leader with Wells Fargo Insurance’s Technology, Privacy and Network Risk National Practice. “The premium can be as low as $750 for a small, well-managed organization and well into the seven figures for large organizations with significant volumes of data.”

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