Insured losses from the SolarWinds breach will likely come in around $90 million, according to estimates from a pair of security companies, who claim insurers may have dodged “a catastrophic financial incident.”
While newly minted partners BitSight and Kovrr expect the number of SolarWinds victims to grow in the upcoming months, direct insured costs should remain close to their estimate since many of the organizations hit – particularly federal agencies – do not carry insurance against cyber risks. Government agencies make up about 18 percent of the organizations hacked.
The duo based their estimate on key attributes of the impacted organizations: the industries they serve, their locations and size, and what kind of costs they likely would rack up for incident response, forensics, regulatory fines and public relations efforts.
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