The majority of business decision makers are insured against traditional cyber risks, such as breaches of personal information, but most were vulnerable to emerging risks, such as malware and ransomware, revealing a potential insurance coverage gap, according to the Hanover Insurance Group.

The report surveyed business decision makers about cyber vulnerabilities and risk mitigation efforts.

Insurance purchasing decisions influenced by media coverage

Most businesses surveyed indicated they had purchased cyber insurance, and more than 70% reported purchasing a policy on the recommendation of an independent insurance agent.

Purchasing decisions also were heavily influenced by media coverage and prior attack experience. Nearly 90% of study respondents reported experiencing a cyberattack during the past year, and recognized a cyberattack could have a disastrous impact on their businesses.

Other key findings: The insurance coverage gap

• The top cybersecurity fear for businesses was breach of personally identifiable information, however, malware-related attacks were the most commonly experienced attack. One in two businesses experienced a malware-related attack in the last…

Read More…