Published November 1, 2022 at 2:26 PM · News Releases and Bulletins
Cyber Insurance Purchases on the Rise
Zurich says the percentage of companies purchasing cyber insurance is on the rise. That’s a good thing because — as we know — the need for cyber insurance is rising significantly and increasing daily.
In a report from Zurich and Advisen titled, the 12th annual Information Security and Cyber Risk Management, Zurich said the number of companies that now have cyber insurance totals 86%. Of those, 69% are standalone policies.
*83% of respondents said cyber risk has become a more significant concern
*69% say they’ve purchased cyber security measures to offset the risk
*54% say they’ve had to file a claim to their cyber insurer
*70% say they have recouped their losses
*Some say the claims are still in process
*Just 21% look at their exposure monthly or quarterly
