Advisen wrote a white paper that presents the results of “The Fifth Annual Survey on the Current State of and Trends in Information Security and Cyber Liability Risk Management”. The free, 18-page paper is sponsored by Zurich.
Risk professionals increasingly view cyber risks as an extremely serious threat. This is one of the key findings of the “The Fifth Annual Survey on the Current State of and Trends in Information Security and Cyber Liability Risk Management.”
The survey report, which features the response of nearly 450 risk managers, insurance buyers, and other risk professionals, has further clarified the information security and cyber risk management picture. Trends and attitudes continue to take shape and marketplace reactions to emerging issues continue to present themselves.
The report underscores that with devastating data breaches affecting organizations of all sizes and in all industries, cyber risks are a growing concern that requires an enterprise-wide approach to risk management. Increased cyber risk focus from boards and senior executives is translating into strategic cyber prevention and response initiatives in more organizations. Exposures such as a data breach of customer records and reputational damage resulting from a data breach are high on the list of concerns.
As a result, more organizations are looking at insurance as a key component of their overall cyber risk management strategy. “After a few missed opportunities spanning about four years, we have finally purchased a cyber risk insurance policy,” explained one risk professional. “Risk management was always concerned about the risk and now our Board and Officers are concerned in light of all the events that have occurred.”
The overall upward trend of organizations purchasing cyber liability insurance accelerated in 2015. Three quarters of surveyed organizations have a key executive with oversight responsibility or whose main focus is cybersecurity