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Cyber Insurance: State of the Risk

(As of February 6, 2024)

Cyber insurance: a key part of a robust business strategy

What is cyber insurance, and why is it important?

Cyber insurance is a policy that covers expenses and responsibilities arising from cyberattacks or computer incidents. As this coverage can help with financial and legal costs that stem from cyber incidents, maintaining it can be a savvy strategy to protect business assets and brand reputation.

Consumer indifference is still a challenge for personal cyber insurers

Only about one in 10 connected Americans say they have insurance to help them recover from a cyberattack. And close to half do not know whether they have this protection, according to the Insurance Information Institute and J.D. Power 2020 Consumer Cyber Insurance and Security Spotlight Survey℠. Because of consumer confusion about their current cyber coverage, and the persistent idea that consumers are unwilling to pay more, insurers are faced with a challenge.

 

Please click on the file name below to view the white paper in PDF format. You will need Adobe Acrobat Reader to view the file.

Download consumers_wp_030920.pdf

You can download Adobe Acrobat Reader, free of charge, from the Adobe website (http://www.adobe.com/products/acrobat/readstep.html).

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Smaller doesn’t mean safer

Small businesses are increasingly concerned about cyberrisk, but the Insurance Information Institute and J.D. Power 2019 Small-Business Cyber Insurance and Security Spotlight SurveySM  finds many still are reluctant to insure against it. Based on a survey of more than 500 small business leaders, insurers, and insurance service providers, this paper addresses their continued hesitation and discusses cyber-related loss trends and how firms and their insurers are addressing these perils.

 

Please click on the file name below to view the white paper in PDF format. You will need Adobe Acrobat Reader to view the file.

Download small_business_cyber_wp_102319.pdf

You can download Adobe Acrobat Reader, free of charge, from the Adobe website (http://www.adobe.com/products/acrobat/readstep.html).

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Small business, big risk: Lack of cyber insurance is a serious threat

Cyber incidents hit one of every 10 U.S. small businesses last year yet only 31 percent of them have cyber insurance, according to the Insurance Information Institute (I.I.I.) and J.D. Power 2018 Commercial Cyber Insurance and Security Spotlight Survey℠. Ten percent of the small businesses surveyed had one or more cyber incidents in 2017, resulting in a typical loss of $188,400, an increase of $73,000 from the year before, according to the J.D. Power 2016 Cyber Insurance Pulse Study℠.

 

Please click on the file name below to view the white paper in PDF format. You will need Adobe Acrobat Reader to view the file.

Download small_business_big_risk_101218.pdf

You can download Adobe Acrobat Reader, free of charge, from the Adobe website (http://www.adobe.com/products/acrobat/readstep.html).

Note: Printer fonts may vary by browser and version of Adobe Reader.

Helping consumers understand the value of cyber insurance

More than four out of five American consumers who own connected devices either lack insurance to protect them from cyberthreats or do not know if they are covered, according to the Insurance Information Institute and J.D. Power 2018 Consumer Cyber Insurance and Security Spotlight Survey℠.

 

Please click on the file name below to view the white paper in PDF format. You will need Adobe Acrobat Reader to view the file.

Download cyber_survey_092718.pdf

You can download Adobe Acrobat Reader, free of charge, from the Adobe website (http://www.adobe.com/products/acrobat/readstep.html).

Note: Printer fonts may vary by browser and version of Adobe Reader.

Protecting against #cyberfail: Small business and cyber insurance

While cyberattacks and data breaches at Fortune 500 companies tend to dominate the headlines, America’s more than 28 million small businesses and their 56 million employees are increasingly vulnerable. Their exposure is much the same as that of larger companies, experts say, but many may overlook or underestimate the threat and may not fully understand the risks. Small businesses (defined as firms with fewer than 250 employees) face a growing frequency of attacks and breaches which can result in potentially severe financial consequences.

 

Please click on the file name below to view the white paper in PDF format. You will need Adobe Acrobat Reader to view the file.

Download cyber_risk_wp_103017.pdf

You can download Adobe Acrobat Reader, free of charge, from the Adobe website (http://www.adobe.com/products/acrobat/readstep.html).

Note: Printer fonts may vary by browser and version of Adobe Reader.

Slide deck: Cyberrisk: Threat and opportunity, October 2016

The October 2016 Insurance Information Institute (I.I.I.) white paper, Cyberrisk: Threat and Opportunity, discusses how insurers are responding with products and coverages to address the growth in cyberrisk. To help you understand and explain the key points of this paper, we offer this deck of PowerPoint slides with key insights and data—available exclusively to I.I.I. members and subscribers.

Please click on the file name below to view the presentations. Once open, you can choose "file" from your menu and then save the PowerPoint presentation to your disk. The presentation also is available in Adobe Acrobat format. The Adobe Acrobat file is smaller and faster to download. However, you do need the appropriate software to view.

You can download Adobe Acrobat Reader, free of charge, from the Adobe website (http://www.adobe.com/products/acrobat/readstep.html).

Note: Printer fonts may vary by browser and version of Adobe Reader.

Download cyberrisk_slides_103116.pptx

Infographic: Cyberrisk insurance

Cyberrisk Insurance: Growing Risks, Emerging Markets infographic
Media Folder: 

Cyberrisk: Threat and opportunity

This white paper examines the current exposure to cyberrisk and how insurers are responding:

 

Please click on the file name below to view the white paper in PDF format. You will need Adobe Acrobat Reader to view the file.

Download cyber_risk_wp_102716-92.pdf

You can download Adobe Acrobat Reader, free of charge, from the Adobe website (http://www.adobe.com/products/acrobat/readstep.html).

Note: Printer fonts may vary by browser and version of Adobe Reader.

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