According to a recent KPMG survey, distrust with insurers is leaving companies vulnerable to cyber threats. The top reason for the nearly 80% of organisations belonging to KPMG’s International Information Integrity Institute (I-4) for not having cyber insurance was the “belief that insurers will not pay out on a claim.”
This comes despite the fact that 79% of information security heads believe that “cyber security threats are likely to increase over the next year and 74% regard organised crime and state-sponsored activity as the biggest threats.” According to I-4 head Mark Waghorne, “it is also disappointing that cyber insurance is viewed as providing little comfort to those who have it, as almost half don’t believe they would be compensated properly if push came to shove.”