The ninth annual Information Security and Cyber Risk Management survey from Zurich North America and Advisen Ltd. is now available. Like earlier survey reports, the 2019 study provides a benchmark for corporate cyber risk strategies and summarizes some of the key cyber concerns on the minds of risk managers of large and middle-market companies.
A key trend identified over the nine years of the study has been the growing reliance on insurance by organizations seeking to manage evolving cyber risks. The 2019 study indicates the insurance-buying market has increased in sophistication and sees value in cyber insurance. Over 70% of respondents buy cyber insurance, with nearly 60% buying stand-alone cyber policies, an increase from last year as buyers come to realize that dedicated cyber coverage can be customized to meet individual needs.
Some survey highlights include:
- The vast majority of respondents (82%) state that cyber risk has become a significant concern across their organizations. Coverage needs are changing – business interruption needs have come more to the fore for buyers – and insurance policies may need to shift to effectively meet those needs.
- Buyers are more sophisticated. They know what they want and they know to look for gaps in coverage. In 2018, 74% changed policies to secure higher limits.
- A significant majority of respondents (71%) say they expect their cyber insurance to cover regulatory fines and penalties. Over 35% said they bought coverage expressly to cover fines and expenses
Read the complete survey report for more insights on the state of cyber risk awareness and practices for business.