Filed Under:Risk Management, Corporate Risk

Chubb Survey: Concern of Cyber Risk Not Leading to Insurance Buy

NU Online News Service, Aug. 10, 1:11 p.m. EDT

According to a survey of public companies by Chubb, more than 70 percent say they have an incident-response plan for an electronic security breach.

That would appear to be good news.

But the bad news is nearly 60 percent of the companies surveyed say cyber-liability insurance is not a part of the incident-response plan.

Other survey results indicate there is a definite concern about data breaches, but it doesn't necessarily lead to an insurance purchase to appropriately cover the risk.

The results are presented as part of an infographic Chubb has put together, further revealing results of its “2012 Public Company Risk Survey.”

Click here to see the graphic.

In the same survey Chubb discovered there is a “general lack of concern” among surveyed public companies that their directors and officers will face a lawsuit.

The survey of decision-makers at 145 public companies in the U.S. and Canada was conducted by Pollara, an independent public-opinion and market research firm.

On Chubb’s blog, Ken Goldstein, vice president for Chubb Specialty Insurance, writes that he has spoken to small- and medium-sized businesses (SMB) about cyber risk and “discovered there’s some misunderstanding about their risk and how their current insurance program will respond to this type of loss.”

He says SMBs think other policies provide coverage. That may be true, in part. Some insurance could be available under other policies but “there are frequently significant gaps in coverage that could leave an SMB at risk of financial and reputational damage,” Goldstein adds.

Featured Video

Most Recent Videos

Video Library ››

Top Story

What if Hurricane Andrew happened today?

A new report from Swiss Re postulates what the insured losses would be if a storm like 1992’s Hurricane Andrew were to barrel through South Florida in 2017.

Top Story

9 solar eclipse safety tips & risk concerns you need to know for Aug. 21

An estimated 500 million people across North America will be impacted as the moon passes between the sun and Earth in the 70-mile wide path of the total eclipse on Aug. 21, 2017.

More Resources

Comments

eNewsletter Sign Up

PropertyCasualty360 Daily eNews

Get P&C insurance news to stay ahead of the competition in one concise format - FREE. Sign Up Now!

Mobile Phone

Advertisement. Closing in 15 seconds.