When faced with unrelenting cyber attacks, many organisations turn to their insurance company to cover their losses. However, not all organisations are adequately protected.
Recent research found that over 40% of US businesses had either no cyber insurance or limits of $1 million or less, which may not adequately cover the cost of the average cyber attack. In response to the increasingly frequent and more severe cyber attacks, particularly ransomware attacks where criminals demand a ransom to restore access to networks and data, some insurance companies faced mounting losses related to their cyber insurance policies and abandoned the sector. Others reduced coverage, increased premiums or amended policies to include more stringent risk mitigation requirements.
This survey explores how senior IT and corporate executives are grappling with the challenges and changes in the cyber insurance market. We look at how 500 IT and corporate executives from North America, Europe and South Africa define their cyber insurance strategy, enhance their insurability and acquire and maintain cyber insurance policies.
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