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September 20, 2019 02:40 pm

47% of Organizations Have Cyber Insurance, Up From 34% in 2017: Study

Cyberattacks are now considered by most execs to be the top business concern, far outranking economic uncertainty, brand damage, and regulation, according to a survey by insurance consultancy Marsh and tech giant Microsoft. From a report: The global survey of over 1,500 business leaders illustrates the rapid change in business leaders' perceived risks to their organizations and shows that having a cyber insurance policy is now more common than two years ago. In 2017, Marsh and Microsoft found that 62% of respondents saw cyberattacks as a top-five risk, whereas this year 79% do. The share of respondents who see cyber attacks as the number one risk has also risen from 6% to 22% over two years. This year, the second most widely considered top-five risk is economic uncertainty, followed by brand damage, regulation, and loss of key personnel. [...] According to Marsh and Microsoft's survey, 47% of organizations have cyber insurance [PDF], up from 34% in 2017. Additionally, 57% of large firms with annual revenues of over $1bn report having cyber insurance compared with 36% of organizations with revenues below $100m. Nearly all respondents, totaling 89%, are confident their cyber insurance policy would cover the cost of a cyber event.

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