- A recent survey by the Risk and Insurance Management Society found that 80% of the companies bought a stand-alone cybersecurity policy in 2016
- Policies covering exclusively cyber exposures are now the norm for many large companies
- 24% of the risk managers surveyed say their companies will each spend more than $1 million on cybersecurity protections, including active monitoring and employee education, by year-end
- Failure to keep pace with technological advancements will leave an organization at a terrible disadvantage
- Respondents are most worried about reputational harm (82%), notification costs (76%), and business interruptions caused by both network outages (76%) and data loss (75%) from cyber breaches along with Cyber extortions (63%) and the theft of trade secrets or intellectual property (42%) are also concerns
- The purchase of stand-alone cybersecurity policies increased 29% from the previous year
- 23% are paying more than $500,000 for their policies, while 24% spend less than $50,000 on premiums.