More than 60 percent of organizations from a recent survey said they expect levels of cyber threats against them to increase, but 40 percent reported not having cyber risk insurance.
According to the results from the survey conducted by Ovum for analytics firm FICO, only about 20 percent of organizations said they have comprehensive cyber insurance to cover all likely risks.
Twenty-three percent of organizations said they plan to “introduce” cyber insurance in the next year and 17 percent said they have no plans to take up the coverage at all.
FICO said the news is worse in the US, where about 50 percent of respondents said their organization has no cyber insurance. And 27 percent of US firms said there are no plans to take out cybersecurity insurance.
This story in an excerpt of the original. The content originally appeared in Cyber Front Page News.
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Chad Hemenway is Managing Editor of Advisen News. He has more than 15 years of journalist experience at a variety of online, daily, and weekly publications. He has covered P&C insurance news since 2007, and he has experience writing about all P&C lines as well as regulation and litigation. Chad won a Jesse H. Neal Award for Best Single Article in 2014 for his coverage of the insurance implications of traumatic brain injuries and Best News Coverage in 2013 for coverage of Superstorm Sandy. Contact Chad at 212.897.4824 or [email protected].
