According to a new report by Willis North America, titled The Willis Fortune 1000 Cyber Disclosure Report, insurance is one of the industries "most-concerned" about cyber threats.
Privacy or loss of confidential data, reputational risk and malicious acts are the top three cyber risks identified by Fortune 1,000 companies.
The report divided the Fortune 1,000 companies into 20 industry groups so they could compare the disclosures of each risk, weigh the scope of the risk; how the exposure would manifest; and what or how companies were mitigating their risk.
Of all the industries polled, the results showed that the health care industry is the most concerned about cyber risk, closely followed by the technology, insurance, telecommunications, life science and retail sectors.
The sectors which expressed the least concern for cyber risk were real estate, financial services funds, conglomerates, energy and mining industries.
The industries which reported the greatest levels of insurance coverage, with respect to cyber risks, were the funds sector (33 percent) followed by utilities (15 percent), the banking sector and conglomerates (14 percent).
The report indicated that many companies may be under-reporting their level of cyber insurance coverage - insurance and technology sectors both disclosed the purchase of insurance coverage at only 11 percent.
Lawsuits are costly and you could lose your assets just defending your business. Protect your company with Privacy/Network Security liability insurance coverage.
This insurance provides coverage for the costs associated with the misuse, loss, or theft of proprietary or personally identifiable information stored in an electronic or physical format.
Speak to one of our cyber specialists today to learn more about how we can help shield your business from a cyber-attack. Call 201-847-9175 or email info@axisins.com.
Axis Insurance Services, LLC is a nationwide professional liability insurance brokerage located in Franklin Lakes, NJ. We offer custom insurance solutions in the areas of Errors and Omissions insurance (E&O), Directors and Officers liability (D&O), Employment Practices (EPLI), Commercial Crime, Privacy/Network Security and Fiduciary products for today’s professional services firms, including commercial real estate professionals, property managers, insurance agents, medical groups, third party administrators, accountants and other professionals.
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Axis Insurance Services, LLC is not affiliated with Axis Insurance Company or its affiliates in any way.
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