EXECUTIVE SUMMARY:
Across the next several years, organizations of all sizes intend to increase their investments in cyber insurance.
According to a new report, among small and mid-sized enterprises (SMEs), 65% intend to up their insurance spending, while nearly 60% of large enterprises intend to increase cyber insurance spend. Nearly half of decision makers across organizations of all sizes report that they anticipate a cyber breach within the next year.
Key cyber insurance stats:
- Sixty-two percent of SMEs state that cyber security insurance is worthwhile. Only 13% believe that it’s not worth the investment.
- Over 70% of SMEs intend retain coverage limits of below the $1 million mark.
- The average organization selects cyber insurance coverage limits of roughly 0.14% of revenue.
Which industries have the biggest gaps between coverage limits and expected losses?
Life sciences, healthcare, retail, hospitality, and telecommunications.
Gaps in cyber insurance leave organizations at risk of blowing budgets and sinking into the red. The average cost of attacks, per firm, is $4.1 million. To the greatest extent possible, you’ll want to be sure that you avoid paying for cyber breach damage.
Where can you get more information about industry trends in cyber insurance?
Check out this newly published cyber security e-Book.