According to the latest Information Security and Cyber Risk Management Survey from Zurich North America and Advisen, 86% of the risk managers, insurance buyers and other risk professionals surveyed have cyber insurance, with 69% holding standalone policies.
Policyholder satisfaction with cyber insurance is mixed, however. While 52% of respondents agreed that their cyber insurance meets their organization’s needs and provides value, 61% said their coverage only meets some of their needs.
Additionally, ongoing hard market conditions in the cyber insurance space have prompted some respondents to question the sustainability of the market, the breadth of coverage offerings and broker knowledge. Respondents commented that the market has become “frustrating and unpredictable,” “fragmented and noncohesive,” and that “the cost seems to be increasing without a full understanding of the actual coverage.”
Nevertheless, of those that filed a claim after a cyber event, 79% expressed some level of satisfaction with the claims handling process and 70% were covered for the full financial loss sustained by their firm.