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Member, Beacon International Group, Ltd.
A report found that insurance covered only 16% of intellectual assets exposed to cyber threats in the last two years despite four out of five firms citing intellectual property infringement as a top business risk, WIPR reported. The average potential loss of intellectual assets totaled more than $1 billion compared with $795 million for tangible assets. Aon said that only 24% of companies have purchased a trade secret theft insurance policy while 30% of firms have an IP liability policy.