Executive Briefings

Cybersecurity Insurance Becoming a Must-Have, Survey Says

A September survey by the Risk and Insurance Management Society found that 80 percent of the companies bought a stand-alone cybersecurity policy in 2016, suggesting policies covering exclusively cyber exposures may now be the norm for many large companies.

Cybersecurity Insurance Becoming a Must-Have, Survey Says

The annual RIMS cyber survey polled 272 respondents on issues ranging from exposure concerns, first-party and third-party risk, and government regulations.

Almost 70 percent of companies now transfer risk of cyber exposure to a third party, the poll found. Twenty-four percent of the risk managers surveyed say their companies will each spend more than $1m on cybersecurity protections, including active monitoring and employee education, by year-end.

The purchase of stand-alone cybersecurity policies increased 29 percent from the previous year. That's thanks, in part, to more versatile insurance packages, said Emily Cummins, a member of the RIMS board of directors.

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The annual RIMS cyber survey polled 272 respondents on issues ranging from exposure concerns, first-party and third-party risk, and government regulations.

Almost 70 percent of companies now transfer risk of cyber exposure to a third party, the poll found. Twenty-four percent of the risk managers surveyed say their companies will each spend more than $1m on cybersecurity protections, including active monitoring and employee education, by year-end.

The purchase of stand-alone cybersecurity policies increased 29 percent from the previous year. That's thanks, in part, to more versatile insurance packages, said Emily Cummins, a member of the RIMS board of directors.

Read Full Article

Cybersecurity Insurance Becoming a Must-Have, Survey Says