In the age of ransomware and phishing, many organizations are looking to cyberinsurance to mitigate their risk. But in Europe, the Middle East, and Africa — the EMEA region — such insurance is slow to catch on, according to Aon Risk Solutions' 2017 EMEA Cyber Risk Transfer Comparison Report.
The report looks at the results of a Ponemon Institute survey of over 500 cyber and enterprise risk managers in EMEA corporations conducted in late 2016. Over one-third of respondents disclosed they had a "material or significantly disruptive" breach or incident within the past 24 months, the average financial impact of which was $3.3 million. Around two-thirds, 65%, also said their risk of a cyberattack will likely increase over the next two years, while 22% predicted it will stay the same.
Related: Get ready: A cyber attack is coming
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But when it came to adopting cyber insurance as a remedy, only 23% of respondents reported having plans in place. Among those that didn't, 46% had no plans to purchase cyber insurance over the next two years, while 54% did.
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Rhys Dipshan
CT-born, New York-based legal tech reporter covering everything from in-house technology disruption to privacy trends, blockchain, AI, cybersecurity, and ghosts-in-the-machine. Continually waiting for law to catch up with tech. (It's like waiting for Godot, but without the clowns)
