Today's protection
Businesses are putting protection in place
According to our report, most business decision-makers reported that they are taking action to protect their interests by purchasing policies.
The responses also suggest that small businesses may be more vulnerable than mid-sized and large businesses, as they are less likely to have cyber liability insurance and to have increased their limits during the past year.
84%
feel they have an appropriate level of protection but....
38%
have not increased their cyber policy limits during the past year
Industries most likely to have cyber coverage
While many companies have protection in place, they may not have enough.
| Industry |
Have Cyber Liability Coverage |
|---|---|
| Tech and life sciences | 91% |
| Financial services | 88% |
| Wholesale | 86% |
| Manufacturing | 85% |
| Education, health and social services | 80% |
| Construction | 79% |
| Professionals | 78% |
| Other industries | 70% |
42% of companies across all industries may not have enough cyber insurance to cover the nearly 1 million average cost3 of a cyber attack
Principle reasons businesses purchase protection
While the majority of business decision-makers who purchased a cyber insurance policy did so at the recommendation of their independent agent, two other key factors influenced the decision.
50%
due to significant media coverage
37%
as a result of past attacks.
Responding and recovering from a cyberattack can cost a business $1 million or more. In the event of an attack, the value of having the right cyber coverage is incalculable. »ªÌå»á offers four holistic cyber solutions that include a variety of flexible coverage options designed to evolve with business needs and keep pace with the changing threatscape.