SCHAUMBURG, Ill., Oct. 19, 2020 /PRNewswire/ -- Zurich North
America Insurance and Advisen Ltd. has released the tenth annual
Advisen cyber survey of corporate risk managers and insurance
buyers revealing current views about information security and cyber
risk management. This year's survey features the highest percentage
of cyber insurance buyers ever – nearly 80 percent carry some level
of cyber insurance (55 percent of respondents with cyber coverage
have a stand-alone policy). This take-up rate for cyber insurance
has steadily climbed since 2011, the first year of the survey, when
just 34 percent of respondents bought some type of cyber
coverage.
Key findings of the 2020 survey include:
- Business interruption is viewed as the worst outcome of a
ransomware event by 43 percent of respondents; reputational harm
was cited as the second-worst outcome by 29 percent, and other
outcomes such as loss of data (15 percent) and loss of funds/paying
the ransomware (11 percent) were viewed as far less impactful.
- Sixty percent of respondents feel either "extremely prepared"
or "prepared" to respond to a ransomware event, while 33 percent
feel "somewhat prepared."
- Just over a third (35 percent) of respondents provide annual
training for employees on cyber risks, while 24 percent conduct
quarterly trainings.
- Similarly, 30 percent of respondents only assess their
company's exposure to cyber risks on an annual basis, indicating
potential gaps in security.
- Eighty-one percent of respondents have not changed their cyber
security spend, despite financial constraints due to COVID-19. Last
year's survey revealed boosting cyber security budgets as a
priority and the lack of change amid the pandemic marks a positive
sign.
"Unprecedented change in the world requires us to think
differently and act with agility. This survey reveals that customer
expectations are changing as their level sophistication about cyber
risks have grown," said Michelle
Chia, Head of Professional Liability and Cyber for Zurich
North America. "Risk managers increasingly are connecting the
dots between high-profile cyberattacks, business interruption, and
reputational risk – and they're looking for coverage that protects
their business at the right price."
Zurich will discuss the key
findings, analysis and conclusions during this week's Advisen's
Virtual Cyber Risk Insights Conference New York. Free
registration for the virtual conference is available at
https://ev2.perigonlive.com/7-evt16b6ec22bb0f4e70957dc91887162b4e.
For 10 consecutive years, Zurich North America and Advisen Ltd.
have collaborated on a survey designed to gain insight into the
current state of and ongoing trends in cyber risk management and
insurance.
The results reflect more than 400 respondents representing risks
managers, insurance buyers and other risk professionals covering
both large and small companies around the world. Finance, banking
and insurance industries are the most highly represented.
Businesses of all sizes responded to this year's survey.
Firms with between $1 billion and
$10 billion in revenue comprised 30
percent. Large businesses with more than $10
billion in revenue represented 16 percent, but the majority
of respondents came from smaller and middle market companies (less
than $1 billion in revenue) at 54
percent.
Interested parties can link to the complete survey results
Information Security and Cyber risk Management: The tenth annual
survey on the current state of and trends in information security
and cyber risk management.
More information about Zurich's
cybersecurity solutions can be found at
https://www.zurichna.com/en/industries/technology/secpriv
Locate Zurich cyber-related
articles and news at literature at
https://www.zurichna.com/about/news-hub/category-all
About Zurich North America
Zurich North America is one of the largest providers
of insurance solutions and services to businesses and individuals.
Our customers represent industries ranging from agriculture to
technology and include more than 90 percent of the Fortune 500.
We've backed the building of some of the most recognizable
structures in North America — from
the Hoover Dam to the Confederation Bridge. Our North American,
LEED Platinum® headquarters is located in the Chicago area. We employ approximately 9,000
people in North America and have
offices throughout the U.S. and Canada. Further information is available at
https://www.zurichna.com/services/about-zurich
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SOURCE Zurich North America