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More companies buying cyber coverage: Zurich, Advisen



More businesses are buying cyber insurance, according to a survey published Wednesday.

The percentage of companies that purchased coverage stood at 86%, with 69% holding stand-alone policies, an increase in both cases of three percentage points from last year’s results, according to the 12th annual Information Security and Cyber ​​Risk Management Report released by Zurich Insurance Group Ltd. and Advisen Ltd.

Among other survey findings, 83% said cyber risk has become a more significant concern, and 69% have invested in cyber security measures to reduce risk.

A total of 54% of respondents who experienced a claim reported it to their cyber insurance company, with more than 70% recovering costs, while some claims are still pending.

The survey found that 21

% of respondents assess their cyber risk exposure either monthly or quarterly, 18% do so annually and 17% weekly.

The email survey was at least partially answered by 353 respondents, of which 28% were either a chief risk manager or head of a risk management department, with 25% another member of a risk management department and 20% a manager such as chief information officer, chief financial officer or CEO. They represented a wide range of industries.

The survey was conducted in July and early August.


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