Broker Check

Ignorance of Cyber Insurance is not Bliss

September 27, 2021
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The Business.com website conducted an online survey of 348 information technology professionals in the United States in August. The results of the survey are posted at https://www.business.com/insurance/cyber-insurance-study/. While the survey size was small, the results were interesting.

  • 90% have some level of concern their company will be a victim of cyber crime in the next 12 months.
  • Only 67% of their companies have a response plan in place. 
  • Over 40% said their company had experienced a cyber attack. The percentage was higher for companies mostly working remotely (45%) than onsite (33%).
  • Most astonishing, 18% of IT professionals had never heard of cyber insurance! (One wonders if a similar percentage of doctors have never heard of malpractice insurance.)
  • 57% of companies do have cyber insurance.           

If those of you reading this post have not heard of cyber insurance before, and your organization hasn't purchased it, call Beacon for an explanation of coverage and how we can place it for you.