NEW YORK (October 10, 2016) — Awareness, increased availability and contractual mandates are just some of the reasons that have contributed to the significant increase in organizations purchasing stand-alone cyber insurance – up 29 percent in 2016 – as noted by the 2016 RIMS Cyber Survey.
Key findings from the 2016 RIMS Cyber Survey include:
• Organizations with a stand-alone cyber insurance policy is up 29 percent from 2015;
• Organizations transferring cyber risk to a third party is up 10 percent from 2015;
• Organizations purchasing cyber insurance as a result of contractual obligations is up 17 percent from 2015;
• One quarter of respondents are spending over $500,000 US on cyber premiums;
• Only 27 percent of respondents did not think that the government should mandate cyber breach reporting, while 48 percent thought it should.
“Failure to keep pace with technological advancements will leave an organization at a terrible disadvantage,” said RIMS President Julie Pemberton. “Embracing technology has enabled organizations to strengthen their performance, but, at the same time, has created many new exposures that risk management must address. The 2016 RIMS Cyber Survey allows practitioners to benchmark the management of cyber exposures.”
This year’s RIMS Cyber Survey had 272 respondents with demographics regarding industry sector, organization revenue and number of employees holding close to 2015 results. The survey was distributed to RIMS membership via an internet link and was accepted between August 8 and September 9, 2016
The 2016 RIMS Cyber Survey is available in RIMS Risk Knowledge library at www.RIMS.org/riskknowledge.