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.