Risk Managers Prefer Standalone Cyber Policies: RIMS Survey

According to the 2017 RIMS Cyber Survey, risk professionals’ continued to show preference for standalone cyber insurance policies as the number of practitioners who purchased the coverage increased moderately in 2017.

Findings from the 2017 RIMS Cyber Survey include:

• Organizations with a standalone cyber insurance policy increased three percent (to 83 percent) from 2016.
• Of the organizations without a standalone cyber policy, 84 percent indicated that other insurance policies include cyber liability coverage.
• Seventy-two percent of respondents transfer cyber exposures to a third-party (up four percent from 2016).
• Business interruption – 80 percent – and cyber extortion – 72 percent – top the list of first-party cyber exposures.
• Only 34 percent of respondents thought that the government should mandate cyber security standards.

This year’s RIMS Cyber Survey had 288 respondents. The survey was distributed to RIMS membership via an internet link and was accepted between May 18 and June 25, 2017. RIMS has a membership of approximately 11,000 risk practitioners from more than 60 countries.