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ASPEN OPINION
No Longer Niche
There has been significant growth in market demand for data
protection coverage, driven in no small part by the recent
surge in sobering news about the aggressively evolving risks
that companies face. For a number of years this was a rather
specialist, niche marketplace that didnt find much traction
beyond a sub-section of interested firms. The risks involved
have been seen for years as being cutting edge, if not rather
theoretical.
This view has changed over the last 18 months. There has
been a steady drumbeat of high-profile losses arising from
data breaches which have received plenty of publicity. In
2014 data breaches in the U.S. totalled 783, an increase of
28% over the previous year.1 The trend looks to be escalating
as in the early part of 2015 there had already been 174
breaches with 99.7 million records exposed.2
2011-2014 Industry Sector
783
800
700
614
600
500
400
421
471
300
200
100
0
2011
2012
Business
Health/Medical
2013
2014
Educational
Financial/Credit
Government/Military
Insider Theft
13%
11%
Hacking
11%
16%
Accidental Exposure
Subcontractor
12%
8%
Employee Negligence
Physical Theft
Identity Theft Resource Centre(ITRC), IDT91, 2015 Data Breach, 11 March 2015
Aspen Opinion | 2