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BigData Increases Security Risks For Insurance Carriers

Data security breach is an increasingly serious problem for data-intensive industries of all kinds. Recent research shows that 90 per cent of all large organizations—including insurance carriers—suffered cyber security breaches in 2015, up from 81 per cent in 2014. Moreover, cybersecurity breaches are becoming more frequent and more expensive; according to the Ponemon Institute’s latest study on cybersecurity, the average consolidated cost of a data breach grew from USD 3.8 million to USD 4 million. The study also reports that the average cost incurred for each lost or stolen record...