Most organizations know they need insurance to cover risks to the organization’s property like fire or theft, or their risk of liability if someone is injured in the workplace. But, a substantial portion of organizations don’t carry coverage for data breaches despite numerous high profile breaches. While many insurance companies offer cyber insurance, not all policies are created equal. The following provides a snapshot of information concerning cyber insurance.
Percentage of companies that had cyber-insurance in 2015.1
Percentage of companies that believed their exposure to cyber risk would increase in the next 24 months.2
Percentage of companies that did not plan to purchase cyber insurance in the next 24 months.3
Why is buying cyber insurance difficult?
Items to review when shopping for cyber insurance:
1. Ponemon, 2015 Cyber Impact Report, (April 2015), http://www.aon.com/attachments/risk-services/2015-Global-Cyber-Impact-Report-Final.pdf.