The 2016 RIMS Cyber Survey looks at cyber risk management and insurance. Overall the survey found that there has been a 29 percent increase in the purchase of stand-alone cyber insurance. Amongst other things, this is due to increased awareness, greater availability and contractual mandates.
Other key findings from the survey include:
- Organizations transferring cyber risk to a third party is up 10 percent from 2015;
- Organizations purchasing cyber insurance as a result of contractual obligations is up 17 percent from 2015;
- One quarter of respondents are spending over $500,000 US on cyber premiums;
- Only 27 percent of respondents did not think that the government should mandate cyber breach reporting, while 48 percent thought it should.
“Failure to keep pace with technological advancements will leave an organization at a terrible disadvantage,” said RIMS President Julie Pemberton. “Embracing technology has enabled organizations to strengthen their performance, but, at the same time, has created many new exposures that risk management must address. The 2016 RIMS Cyber Survey allows practitioners to benchmark the management of cyber exposures.”
This year’s RIMS Cyber Survey had 272 respondents with demographics regarding industry sector, organization revenue and number of employees holding close to 2015 results. The survey was distributed to RIMS membership via an internet link and was accepted between August 8 and September 9, 2016
The 2016 RIMS Cyber Survey is available in the RIMS Risk Knowledge library at www.RIMS.org/riskknowledge