Results from the 2019 Marsh-Microsoft Global Cyber Risk Perception survey indicates several encouraging signs of improvement in the way organizations view and manage cyber risk. The study which surveyed of over 1,500 business leaders around the world reports that cyber risk is now clearly and firmly at the top of corporate risk agendas with a “positive shift towards the adoption of more rigorous, comprehensive cyber risk management in many areas.” The survey has also revealed cyber insurance coverage is expanding to meet evolving threats. Some highlights:
— 47% of organizations said they have cyber insurance, up from 34% in 2017.
— Larger firms were more likely to have cyber insurance – 57% of those with annual revenues above $1 billion had a policy, compared to 36% of those with revenue under $100 million.
— Uncertainty about whether available cyber insurance could meet their firm’s needs dropped to 31%, down from 44% in 2017.
— 89% of those with cyber insurance were highly confident or fairly confident their policies would cover the cost of a cyber event.
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