FICO Survey: Half of US Firms Don't Have Cybersecurity Insurance
Highlights:
- 50 percent of US executives surveyed say their firm has no cybersecurity insurance, compared to 40 percent in other countries surveyed
- 27 percent of US executives say their firms have no plans to take out cybersecurity insurance, despite 61 percent of executives stating they expect the volume of attempted breaches to increase in the next year
- Only 16 percent of US firms surveyed have cybersecurity insurance that covers all risks
- Ovum conducted telephone surveys for FICO of security executives at 350 companies in the US and other countries
A full 50 percent of US firms do not have cybersecurity risk insurance, despite the fact that 61 percent of US firms expect the volume of cyber breaches to increase in the next year. These findings come from a new survey conducted by research and consultancy firm Ovum for
FICO will host a Tweet Chat on the cybersecurity survey with Ovum tomorrow at
In the US, the healthcare industry is particularly behind on protecting itself with cybersecurity risk insurance. None of the healthcare firms represented in the survey have insurance that covers all risk, while 74 percent have no cybersecurity insurance at all.
"With so many firms concerned about a rise in the likelihood of cyber breaches in the next year, it's troubling to see that half of them don't have any cybersecurity insurance protection," said
US executives identified several ways by which the risk assessment process insurers use could improve. Twenty-nine percent say that insurers should provide clear guidelines about how premiums are chosen, 28 percent would like clearer communications as to why premium adjustments happen and 23 percent would like insurers to introduce an industry standard for benchmarking cybersecurity risk.
Ovum conducted the survey for FICO through telephone interviews with 350 CXOs and senior security officers based in the US,
For more information, read our white paper: http://www.fico.com/en/latest-thinking/white-paper/what-the-c-suite-needs-to-know-about-cyber-readiness
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About Ovum
Ovum is a market-leading research and consulting firm focused on helping digital service providers and their vendor partners thrive in the connected digital economy. Through its 150 analysts worldwide, it offers expert analysis and strategic insight across the IT, telecoms, and media industries. Founded in 1985, Ovum has one of the most experienced analyst teams in the industry and is a respected source of guidance for technology business leaders, CIOs, vendors, service providers, and regulators looking for comprehensive, accurate, and insightful market data, research, and consulting. With 23 offices across six continents, Ovum offers a truly global perspective on technology and media markets and provides thousands of clients with insight including workflow tools, forecasts, surveys, market assessments, technology audits, and opinion.
Ovum is part of the
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SOURCE FICO
Media: Molly Wade for FICO, Voce Communications, +1 (508) 864-1404, mwade@vocecomm.com