Awareness, increased availability and contractual mandates are among the drivers behind a sharp rise in the number organisations purchasing stand-alone cyber insurance, reports the Risk Insurance Management Society (RIMS).
RIMS, a Manhattan, US-based non-profit international association, has issued its 2016 Cyber Survey, based on responses via the internet from 272 members. The survey includes the following findings:
- Organisations with a stand-alone cyber insurance policy is up 29% from 2015.
- Organisations transferring cyber risk to a third party is up 10% from 2015.
- Organisations purchasing cyber insurance as a result of contractual obligations is up 17% from 2015.
- One in four respondents are spending over US$500,000 (£400,000) on cyber premiums.
- Only 27% of respondents do not believe that the government should mandate cyber breach reporting, while 48% think it should.
“Failure to keep pace with technological advancements will leave an organisation at a terrible disadvantage,” said RIMS president Julie Pemberton.
“Embracing technology has enabled organisations to strengthen their performance, but, at the same time, has created many new exposures that risk management must address. The survey allows practitioners to benchmark the management of cyber exposures.”
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