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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.

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