RIMS, based in New York, has conducted its first survey of risk managers in respect of cyber risk. The survey includes input from 284 risk professionals, of which 58% are companies with more than US$1 billion in annual revenues.
The survey indicates that, of the companies which currently do not have cyber coverage in place, 74% are considering purchasing cyber cover in the next 12 to 24 months.
The survey also reveals that 58% of the organisations which do purchase cyber cover have less than US$20 million of cover in place. Of this number, 49% of the organisations are paying more than US$100,000 in premium. The survey found that 51% of the organisations surveyed purchase stand-alone policies.
The results of the survey can be found on the RIMS website: https://www.rims.org.