Are you looking to add Insurance Compliance to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Insurance Compliance statistics of 2024.
My team and I scanned the entire web and collected all the most useful Insurance Compliance stats on this page. You don’t need to check any other resource on the web for any Insurance Compliance statistics. All are here only 🙂
How much of an impact will Insurance Compliance have on your day-to-day? or the day-to-day of your business? Should you invest in Insurance Compliance? We will answer all your Insurance Compliance related questions here.
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On this page, you’ll learn about the following:
Best Insurance Compliance Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 81 Insurance Compliance Statistics on this page 🙂Insurance Compliance Market Statistics
- The worldwide information security market is forecast to reach $170.4 billion in 2024, according to Gartner. [0]
Insurance Compliance Software Statistics
- 69% of organizations don’t believe the threats they’re seeing can be blocked by their anti. [0]
Insurance Compliance Latest Statistics
- The median wage is the 50th percentile wage estimate 50 percent of workers earn less than the median and 50 percent of workers earn more than the median. [1]
- designated managers performing dayto day operations,any owners, officers, directors, or partners owning 10% or more of the title agent, andif an entity owns 10% or more of the title agent, the entity’s officers, directors, or partners. [2]
- Each active partner owning 10% or more of a title agent, and each sole proprietor, is required to take 10 hours of continuing education during the two. [2]
- The number of required credit hours are based on the reporting period from the issue date of the original license or the most recent renewal date, according to the following schedule for all licenses renewing on or after September 30, 2013. [2]
- According to Cybint, 95% of cybersecurity breaches are caused by human error. [0]
- 95% of cybersecurity breaches are caused by human error. [0]
- 88% of organizations worldwide experienced spear phishing attempts in 2019. [0]
- 68% of business leaders feel their cybersecurity risks are increasing. [0]
- On average, only 5% of companies’ folders are properly protected. [0]
- 86% of breaches were financially motivated and 10% were motivated by espionage. [0]
- 45% of breaches featured hacking, 17% involved malware and 22% involved phishing. [0]
- and .dot which make up 37%, the next highest is .exe. [0]
- An estimated 300 billion passwords are used by humans and machines worldwide. [0]
- Personal data was involved in 58% of breaches in 2020. [0]
- Security breaches have increased by 11% since 2018 and 67% since 2014. [0]
- 64% of Americans have never checked to see if they were affected by a data breach. [0]
- 56% of Americans don’t know what steps to take in the event of a data breach. [0]
- The average ransomware payment rose 33% in 2020 over 2019, to $111,605. [0]
- 94% of malware is delivered by email. [0]
- 48% of malicious email attachments are office files. [0]
- Ransomware detections have been more dominant in countries with higher numbers of internet connected populations, and the U.S. ranks highest with 18.2% of all ransomware attacks. [0]
- Most malicious domains, about 60%, are associated with spam campaigns. [0]
- About 20% of malicious domains are very new and used around one week after they are registered. [0]
- 65% of groups used spear phishing as the primary infection vector. [0]
- Phishing attacks account for more than 80% of reported security incidents. [0]
- 30% of data breaches involve internal actors. [0]
- 90% of remote code execution attacks are associated with cryptomining. [0]
- 66% of companies see compliance mandates driving spending. [0]
- 15% of companies found 1,000,000+ files open to every employee. [0]
- 17% of all sensitive files are accessible to all employees. [0]
- About 60% of companies have over 500 accounts with non. [0]
- More than 77% of organizations do not have an incident response plan. [0]
- Companies reportedly spent $9 billion on preparing for the GDPR and, in 2018, legal advice and teams cost UK FTSE 350 companies about 40% of their GDPR budget or $2.4 million. [0]
- 88% of companies spent more than $1 million on preparing for the GDPR. [0]
- Since the GDPR was enacted, 31% of consumers feel their overall experience with companies has improved. [0]
- By 2019, only 59% of companies believed they were GDPR compliant. [0]
- 70% of companies agree that the systems they put in place will not scale as new GDPR regulations emerge. [0]
- The healthcare industry lost an estimated $25 billion to ransomware attacks in 2019. [0]
- More than 93% of healthcare organizations experienced a data breach in the past three years. [0]
- 15% of breaches involved healthcare organizations, 10% in the financial industry and 16% in the public Sector. [0]
- Trojan horse virus Ramnit largely affected the financial sector in 2017, accounting for 53% of attacks. [0]
- Financial and manufacturing services have the highest percent of exposed sensitive files at 21%. [0]
- Manufacturing companies account for nearly a quarter of all ransomware attacks, followed by the professional services with 17% of attacks, and then government organizations with 13% of attacks. [0]
- The U.S. government allocated an estimated $18.78 billion for cybersecurity spending in 2021. [0]
- Lifestyle (15%) and entertainment (7%). [0]
- Supply chain attacks were up 78% in 2019. [0]
- Security services accounted for an estimated 50% of cybersecurity budgets in 2020. [0]
- The total cost of cybercrime for each company increased by 12% from $11.7 million in 2017 to $13.0 million in 2018. [0]
- In 2019 over 2020, Scandinavia saw the largest increase in total cost of data breaches at 12%, while South Africa saw the largest decrease at 7.4%. [0]
- 50% of large enterprises are spending $1 million or more annually on security, with 43% spending $250,000 to $999,999, and just 7% spending under $250,000. [0]
- More than 70 percent of security executives believe that their budgets for fiscal year 2021 will shrink. [0]
- Since the pandemic began, the FBI reported a 300% increase in reported cybercrimes. [0]
- 27% of COVID. [0]
- target banks or healthcare organizations and COVID 19 is credited for a 238% rise in cyberattacks on banks in 2020. [0]
- Confirmed data breaches in the healthcare industry increased by 58% in 2020. [0]
- 52% of legal and compliance leaders are concerned about thirdparty cyber risks due to remote work since COVID. [0]
- 47% of employees cited distraction as the reason for falling for a phishing scam while working from home. [0]
- 81% of cybersecurity professionals have reported their job function changed during the pandemic. [0]
- Cloud based cyber attacks rose 630% between January and April 2020. [0]
- Remote workers have caused a security breach in 20% of organizations. [0]
- 27% of COVID19 cyberattacks target banks or healthcare organizations and COVID 19 is credited for a 238% rise in cyberattacks on banks in 2020. [0]
- Confirmed data breaches in the healthcare industry increased by 58% in 2020. [0]
- 61% of companies think their cybersecurity applicants aren’t qualified. [0]
- 70% of cybersecurity professionals claim their organization is impacted by the cybersecurity skills shortage. [0]
- Since 2016, the demand for Data Protection Officers has skyrocketed and risen over 700%, due to the GDPR demands. [0]
- 61% of cybersecurity professionals aren’t satisfied with their current job. [0]
- There was a 350 percent growth in open cybersecurity positions from 2013 to 2021. [0]
- 40 percent of IT leaders say cybersecurity jobs are the most difficult to fill. [0]
- The cybersecurity unemployment rate is 0% and is projected to remain there through 2021. [0]
- By 2021, 100% of large companies globally will have a CISO position. [0]
- Information Security Analysts job positions in the US are expected to grow 31% from 2019–29. [0]
- Computer Network Architect job positions in the US are expected to grow 5% from 2019–29. [0]
- Computer Programmer job positions in the US are expected to decline 9% from 2019–29. [0]
- While race has a greater difference of compliance scores than age, p values are consistently lower, as the sample population was largely homogenous (about 90% white). [3]
- While cancer treatment accounts for 10 percent of all U.S. health expenses, the policy will only provide benefit if one is afflicted with the disease. [4]
- As of the publication of this guidance, the information can be extracted from the detailed tables of the “Census 2000 Summary File 1 100. [5]
- Among women aged 21 45 years, Hispanics were twice as likely to receive Pap smear screening, while Blacks were 1.45 times more likely to receive Pap smear screening, when compared to White women. [6]
- Percent of children vaccinated by age 24 months. [7]
- About 20% of worker fatalities in private industry in calendar year 2019 were in construction – accounting for one in five worker deaths for the year. [8]
I know you want to use Insurance Compliance Software, thus we made this list of best Insurance Compliance Software. We also wrote about how to learn Insurance Compliance Software and how to install Insurance Compliance Software. Recently we wrote how to uninstall Insurance Compliance Software for newbie users. Don’t forgot to check latest Insurance Compliance statistics of 2024.
Reference
- varonis – https://www.varonis.com/blog/cybersecurity-statistics.
- bls – https://www.bls.gov/oes/current/oes131041.htm.
- texas – https://www.tdi.texas.gov/title/overctitleagnt.html.
- nih – https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4765625/.
- naic – https://content.naic.org/publications.
- hhs – https://www.hhs.gov/hipaa/for-professionals/privacy/special-topics/de-identification/index.html.
- nih – https://pubmed.ncbi.nlm.nih.gov/21305816/.
- cdc – https://www.cdc.gov/nchs/fastats/immunize.htm.
- osha – https://www.osha.gov/data/commonstats.
How Useful is Insurance Compliance
At its core, insurance compliance is about enforcing rules and regulations that promote fair and ethical practices within the industry. These regulations are designed to protect consumers from fraud, misinformation, and unfair treatment by insurance companies. By requiring insurance providers to follow specific standards and procedures, compliance helps to ensure that policyholders receive the coverage they are entitled to and are treated fairly in the event of a claim.
On the flip side, insurance compliance also benefits insurance companies by establishing a level playing field and promoting transparency in the industry. By outlining clear guidelines and expectations for providers, compliance helps to foster trust and credibility among consumers, which is crucial for maintaining a healthy and competitive insurance market. It also helps insurance companies avoid costly penalties and lawsuits that can result from non-compliance with regulations.
Furthermore, insurance compliance plays a critical role in protecting the financial stability of insurance companies and the overall stability of the insurance market. By adhering to regulations and guidelines, insurance providers can help to minimize risks and ensure that they have the necessary resources to pay out claims and meet their obligations to policyholders. This not only benefits consumers by providing them with financial security but also helps to prevent systemic risks that can arise from the collapse of poorly regulated insurance companies.
One of the key benefits of insurance compliance is its role in protecting policyholders from potential harm and financial loss. By requiring insurance companies to meet certain standards and disclose relevant information to consumers, compliance helps to empower policyholders to make informed decisions about their insurance coverage. This can include understanding the terms and conditions of their policies, knowing their rights and options in the event of a claim, and being aware of any potential risks or limitations associated with their coverage.
In addition to protecting consumers, insurance compliance also serves to promote market integrity and prevent misconduct within the industry. By holding insurance providers accountable for their actions and ensuring they operate in a fair and ethical manner, compliance helps to maintain a level of trust and confidence among consumers, regulators, and other stakeholders. This, in turn, contributes to the overall stability and reputation of the insurance market, which is essential for its continued growth and sustainability.
In conclusion, insurance compliance is a valuable and essential component of the insurance industry that benefits both consumers and insurance providers. By promoting fair and ethical practices, protecting consumers from harm, and maintaining market integrity, compliance plays a crucial role in ensuring the stability, credibility, and sustainability of the insurance market. It may seem bureaucratic and burdensome at times, but its importance cannot be overstated in safeguarding the interests of policyholders and supporting the long-term success of the insurance industry.
In Conclusion
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