It’s no secret that many businesses are unprotected from cyber risks. A new study released recently by Zurich confirms this: Only 19% of all organizations polled had insurance for cyber liability. Yet, most firms are increasingly worried about cyber issues. Though the companies in the survey were nearly all European, the picture is basically the same in the US.
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Only 19% of organizations have purchased insurance specifically designed to cover cyber risk, according to a survey released Monday by Zurich Insurance Co. Ltd.
Conducted by the Harvard Business Review Analytic Services, the survey of 152 private sector and public sector organizations found that while 76% of respondents expressed concerned about information security and privacy over the past three years, relatively few are taking concrete actions. The survey found that only 16% of companies have designated a chief information security officer to oversee cyber risk and just 44% have increased their budget to address the issue.