Zurich North America Insurance, together with insurance data provider Advisen, has released the results of its latest cyber survey of corporate risk managers and insurance buyers, which found that cyber risk management across organizations continues to gradually improve.
The tenth annual Advisen cyber survey featured the highest percentage of cyber insurance buyers since its inception – nearly 80% of surveyed corporate risk managers and insurance buyers carry some level of cyber insurance, while 55% of respondents said that they have cyber coverage through a standalone policy.
Zurich North America noted that the take-up rate for cyber insurance has steadily increased since 2011, when the survey first launched. Back then, only 34% of respondents bought some type of cyber coverage.
Other key findings of the survey included:
“Unprecedented change in the world requires us to think differently and act with agility. This survey reveals that customer expectations are changing as their level of sophistication about cyber risks have grown,” said Zurich North America head of professional liability and cyber Michelle Chia.
Chia noted that risk managers “increasingly are connecting the dots between high-profile cyberattacks, business interruption, and reputational risk,” and they are seeking coverage that protects their organizations for the right price.