Due to the tremendous publicity and new information regarding the impact of a cyber-attack, organizations have placed greater emphasis on developing risk management strategies to proactively address these exposures, according to RIMS, the risk management society.
RIMS conducted its first cyber survey this year to explore strategies implemented by risk professionals including insurance investments, exposures, cyber security ownership, and government involvement, as well as identification methods and response procedures.
Key findings from the RIMS cyber survey included:
- 51 percent of respondents purchased stand-alone cyber insurance policies;
- 58 percent of those with cyber insurance policies carried less than $20 million in cyber coverage, while 49 percent of those were paying over $100,000 in premium;
- 74 percent of those without cyber coverage were considering procuring coverage in the next 12 to 24 months;
- 77 percent of respondents credited enterprise risk management for identifying cyber risk; and
- The top three first party exposures reported were:
- Reputational harm (79 percent)
- Business interruption (78 percent)
- Data breach response and notification (73 percent).
“It seems like every day risk professionals are confronted by new cyber-attacks and forced to take immediate action to protect their organizations before it is too late,” said RIMS President Rick Roberts. “The key to successfully mitigating the impact of a cyber-breach – or even preventing one in the first place – is knowledge. RIMS Cyber Survey offers the global risk management community valuable insight, showing how organizations are trying to stay ahead of this top concern.”
Learn more: www.rims.org.