Despite Growing Cyber Risk, EMEA Corporations Slow to Adopt Cyber Insurance
While many wait to see the effects of future cyberthreats, and of regulations like the GDPR, the adoption of cyberinsurance remained stunted in the EMEA region in 2016
October 27, 2017 at 09:53 AM
11 minute read
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In the age of ransomware and phishing, many organizations are looking to cyberinsurance to mitigate their risk. But in Europe, the Middle East, and Africa—the EMEA region—such insurance is slow to catch on, according to Aon Risk Solutions' 2017 EMEA Cyber Risk Transfer Comparison Report.
The report looks at the results of a Ponemon Institute survey of over 500 cyber and enterprise risk managers in EMEA corporations conducted in late 2016. Over one-third of respondents disclosed they had a “material or significantly disruptive” breach or incident within the past 24 months, the average financial impact of which was $3.3 million. Around two-thirds, 65 percent, also said their risk of a cyberattack will likely increase over the next two years, while 22 percent predicted it will stay the same.
But when it came to adopting cyber insurance as a remedy, only 23 percent of respondents reported having plans in place. Among those that didn't, 46 percent had no plans to purchase cyber insurance over the next two years, while 54 percent did.
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