Information Security and Cyber Risk Management
Cyber insurance is here to stay and growing in value every day for insured organizations. That’s the primary message of the 10th annual Information Security and Cyber Risk Management Survey from Advisen Ltd. and Zurich North America. For 10 consecutive years, this survey has offered a valuable look at how corporate risk managers and insurance buyers view the cyber risk landscape.
More survey respondents than ever say they carry cyber coverage (nearly 80 percent), up from 34 percent in 2011. The results illustrate where buyers see the most value in their cyber insurance and make it clear that cyber insurance is no longer a luxury item, even amid a hardening insurance market and the COVID-19 pandemic.
Buyers understand cyber risks and coverage better these days, according to the survey, but results also suggest improvement may be needed on employee training and risk assessment. Results indicate that more than a third of respondents only assess cyber risks and provide training on an annual basis, indicating potential gaps in security.
One key finding of the survey indicates that 60 percent of respondents feel either “extremely prepared” or “prepared” to respond to a ransomware event. Respondents also cite business interruption as the worst possible outcome of a ransomware event, followed by reputational harm.