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
• *17% do it weekly
• *18% do it annually