January 10, 2019
The 2018 Information Security and Cyber Risk Management survey paper provides a look at trends in corporate attitudes and strategies around cyber risk. In this most recent survey, responses showed that there has been a growing reliance of firms of all sizes on cyber insurance: about 75 percent of respondents said their company purchased cyber insurance, an increase of 40 percent since 2011. Furthermore, many respondents cited that they had purchased cyber insurance because of uncertainty when it comes to regulation, highlighting an opportunity for risk management teams within the insurance industry to provide guidance on recent regulation and cybersecurity controls as a value-add to their product.
The report also emphasized that brokers and carriers can contribute by raising their client’s awareness of cyber risk. And by helping business fill the gaps when it comes to cybersecurity, brokerages can foster long-term trusted relationships with their clients.