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Instant Insights / October is National Cybersecurity Awareness Month

Insurance companies are expecting cyber-related losses across all business lines over the next 12 months.

Analysis

Cyber insurance may create false sense of security

Most of the losses expected in a substantial cyber security event are not typically covered by insurance policies, FM Global found.

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“As essential as cyber insurance is, the findings indicate financial executives may be deriving a false sense of security from it,” said Kevin Ingram, executive vice president and chief financial officer at FM Global. (Photo: Shutterstock) “As essential as cyber insurance is, the findings indicate financial executives may be deriving a false sense of security from it,” said Kevin Ingram, executive vice president and chief financial officer at FM Global. (Photo: Shutterstock)

Seven in 10 senior financial executives at the world’s largest companies believe their insurer would cover most or all of the losses their company would incur in a cyberattack. Many of the losses they foresee, however, are rarely covered by insurance, according to a new report by FM Global.

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