Cybersecurity is a growing concern for risk managers. But what they want cyber insurance to cover is changing.
That is according to a new survey from Zurich, the insurance company. Having surveyed 350 risk managers, insurance buyers and other risk professionals, the research found that 82% found risk around their digital defences have become a huge worry across many organizations.
The researchers noted that this increased risk awareness is due to how common headlines regarding hacks – like the one US bank Capital One recently faced – have become.
As awareness regarding the risks has evolved, so have the expectations of what businesses expect their insurance to cover. It’s no longer enough to simply cover things like user notifications, mitigation services for affected individuals and regulatory fines. Instead, the threats of ransomware attack – like WannaCry – are focusing risk managers towards the risks of losing control of their networks.
Therefore, 95% expected business interruption to be covered under their cyber policies in the event of a claim and 75% expected contingent business interruption to be covered, reflecting awareness that third-party cyber breaches affecting vendors can impact supply chains and vital services.
“The cyber insurance marketplace is expanding and maturing to meet the increasing demands of corporations concerned about the ever-evolving cyber risks,” said Paul Horgan, head of U.S. Commercial Insurance. “Businesses are not only buying more coverage, they are asking for innovative and robust solutions that address menacing new threats.”
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