Cyber Insurance Adoption Rises

Adam Jacobson


December 1, 2020

In the tenth annual Information Security and Cyber Risk Management Survey from Advisen and Zurich North America, nearly 80% of the 404 risk managers, insurance buyers and other risk professionals surveyed reported they carry cyber insurance. This is the highest percentage yet, and twice the rate reported when the survey was first conducted in 2011. Additionally, more than 50% reported they had filed a claim—another record high. Of that group, 74% said their insurer covered the claim, and another 11% said the claims process was ongoing.

This may be contributing to higher satisfaction with cyber insurance overall, as more than half or respondents (57%) agreed with the statement “Cyber insurance meets my organization’s needs and provides value,” and 59% agreed that “Cyber insurance meets some of my organization’s needs but not all.” The survey also found that either respondents may be getting a little savvier with cyber policies or the policies are starting to become easier to understand. Only 34% of respondents said that they disagreed with the statement “Cyber insurance policies are written in a clear and easy-to-understand manner,” compared to 40% last year.

Adam Jacobson is associate editor of Risk Management.