Why Not Cyberinsurance?

A July 2018 Market Watch Survey by the Council of Insurance Agent & Brokers revealed that only 32 percent of respondents purchased some form of cyber coverage in the past six months. And, 70 percent of U.S. healthcare firms have elected against carrying cyberinsurance. Incredible, right?

With reports that cyberattacks affect businesses of all types, sizes, geographies, and industries, no business should prepare to shoulder the entire load should it suffer a breach.This is especially so, as evidence mounts that hackers can cause property damage and bodily injury through their nefarious operations, ransomware appears to still be running rampant, and business email compromise is accelerating especially for businesses using Office 365.

On the bright side, according to a report by Willis Towers Watson, cybersecurity claims are the top concern for 80 percent of executives. Fortunately, the message seems to be getting through to some, even if many companies still believe cyberinsurance to be a luxury rather than a necessity.

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