Due to the tremendous publicity and new information regarding the impact of a cyber attack, organizations have placed greater emphasis on developing risk management strategies to proactively address these exposures.
The Risk Management Society (RIMS), conducted its first Cyber Survey 2015 to explore strategies implemented by risk professionals including insurance investments, exposures, cyber security ownership, government involvement, as well as identification methods and response procedures.
Key findings from RIMS Cyber Survey 2015 include:
- 51 percent of respondents purchase stand-alone cyber insurance policies.
- 58 percent of those with cyber insurance policies carry less than $20M in cyber coverage, while 49 percent of those are paying over $100k in premium.
- 74 percent of those without cyber coverage are considering procuring coverage in the next 12-24 months.
- 77 percent of respondents credit Enterprise Risk Management for identifying cyber risk.
- The top three first party exposures reported are:
- Reputational harm (79 percent)
- Business interruption (78 percent)
- Data breach response and notification (73 percent)
“It seems like every day risk professionals are confronted by new cyber-attacks and forced to take immediate action to protect their organizations before it is too late,” said RIMS President Rick Roberts. “The key to successfully mitigating the impact of a cyber breach – or even preventing one in the first place – is knowledge.”
The survey featured input from 284 of RIMS’ Professional Members in the United States. The majority of the survey respondents represented a wide range of industries with an excess of $1 billion in revenue (58 percent).
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