Cyber insurance takeup spikes: Survey

Judy Greenwald

10/24/2018 1:56:00 PM

Source: Business Insurance

The takeup rate for cyber insurance is increasing dramatically, but there are significant discrepancies between large and small companies’ purchasing preferences, says a report issued Wednesday.

The percentage of firms that purchase cyber insurance, via either stand-alone policies or endorsements, has increased 40 percentage points since 2011, including a 10-percentage-point uptick from 2017 alone, which is the largest year-over-year increase since the survey started, according to the eighth annual Information Security and Cyber Risk Management report released by Zurich Insurance Group Ltd. and Advisen Ltd.

A total of  75 percent of respondents buy cyber insurance, according to the survey.