Among startups without cyber insurance, cost remains a top reason

How much cyber coverage these startups have in place varies from company-to-company, and 52% of surveyed founders reported having cyber coverage that is either customized to their needs or “the most comprehensive” cyber insurance they were able to obtain. (Credit: William Potter/Shutterstock.com)

More than two-thirds of startup founders say they have had a business fall victim to a cyberattack, according to the “Cyber Risk Index: Startup Edition” report recently released by Embroker. With virtual menaces so prevalent, it’s no wonder these business owners are taking the threat seriously, and 86% of founders said they already have some form of cyber insurance protection. Fourteen percent of startups are operating without existing cyber coverage, and nearly half of those (44%) cite cost as the main reason they’ve abstained from purchasing a policy.

How much cyber coverage these startups have in place varies from company-to-company, and 52% of surveyed founders reported having cyber coverage that is either customized to their needs or “the most comprehensive” cyber insurance they were able to obtain. Meanwhile, 27% said they have merely added basic cyber coverage to a pre-existing policy.