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When it comes to cybersecurity, only a quarter felt all employees had a responsibility for cybersecurity, Munich Re reported, which noted cyberattacks often start by targeting an individual employee. Most C-level execs said IT departments are responsible for avoiding cyber incidents (Credit: Den Rise/Shutterstock.com) When it comes to cybersecurity, only a quarter felt all employees had responsibility for cybersecurity, Munich Re reported, which noted cyberattacks often start by targeting an individual employee. Most C-level execs said IT departments are responsible for avoiding cyber incidents (Credit: Den Rise/Shutterstock.com)

Small and midsized companies are expected to see a disproportionate volume of cyber incidents, in turn driving a bulk of the demand for cyber insurance, according to a survey from Munich Re, which expects the market to hit a value of approximately $20 billion by 2025.

The Global Cyber Risk and Insurance Survey polled nearly 2,000 C-suite executives and found that slightly more than 80% said their company is not adequately protected from cyberthreats. In fact, just around 10% of all respondents already had a cyber policy in place. However, there were regional differences in this, as 20% of C-level executives in Australia said they had cyber coverage.

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Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

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