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June 12, 2015

Risk professionals consider cyber insurance

New York, NY-- Due to the tremendous publicity and new information regarding the impact of a cyber-attack, organizations have placed greater emphasis on developing risk management strategies to proactively address these exposures. RIMS, the risk management society, conducted its first ‘Cyber Survey 2015’ to explore strategies implemented by risk professionals including insurance investments, exposures, cyber security ownership, government involvement, as well as identification methods and response procedures.

Key findings from RIMS Cyber Survey 2015 include:

  • 51 per cent of respondents purchase stand-alone cyber insurance policies

  • 58 per cent of those with cyber insurance policies carry less than $20M in cyber coverage, while 49 per cent of those are paying over $100k in premium

  • 74 per cent of those without cyber coverage are considering procuring coverage in the next 12-24 months

  • 77 per cent of respondents credit Enterprise Risk Management for identifying cyber risk

  • The top three first party exposures reported are:

    • Reputational harm (79 per cent)

    • Business interruption (78 per cent)

    • Data breach response and notification (73 per cent)

“It seems like every day risk professionals are confronted by new cyber-attacks and forced to take immediate action to protect their organizations before it is too late,” says RIMS President Rick Roberts.  “The key to successfully mitigating the impact of a cyber-breach – or even preventing one in the first place – is knowledge. RIMS Cyber Survey offers the global risk management community valuable insight, showing how organizations are trying to stay ahead of this top concern.”

The survey features input from 284 of RIMS’ Professional Members in the United States. The majority of the survey respondents represented organizations with excess of $1 Billion US in revenue (58 per cent), hailing from a wide-range of industries.

The full is survey is available to both RIMS members and non-members in RIMS Risk Knowledge library: www.RIMS.org/Riskknowledge.

 

 

 

 

 

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