Standalone cyber policy take-up in US jumps 30pc

Awareness, increased availability and contractual mandates are just some of the reasons that have contributed to the significant increase in organisations purchasing standalone cyber insurance – up 29% in 2016 – as noted by the 2016 RIMS Cyber Survey.

The US-based risk association also found the number of organisations transferring cyber risk to a third party is up 10% from 2015, that those purchasing cyber insurance as a result of contractual obligations is up 17%, and that a quarter of respondents are spending over US$500,000 on cyber premiums.

“Failure to keep pace with technological advancements will leave an organisation at a terrible disadvantage,” said RIMS President Julie Pemberton. “Embracing technology has enabled organizations to strengthen their performance, but, at the same time, has created many new exposures that risk management must address. The 2016 RIMS Cyber Survey allows practitioners to benchmark the management of cyber exposures.”

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