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Half of risk managers buying stand-alone cyber insurance

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Slightly more than half of risk managers now purchase stand-alone cyber insurance policies, most carrying less than $20 million in coverage, according to a survey by the Risk & Insurance Management Society Inc. released Monday.

According to the online survey, which polled 284 RIMS members in May, 51% of respondents purchased stand-alone cyber insurance policies when asked if they have a cyber policy. However, 74% of those who do not have cyber coverage are considering obtaining it within the next 12-24 months, according to the survey.

A total of 58% of those with cyber insurance policies carry less than $20 million in cyber coverage, while 49% of those with the coverage pay more than $100,000 in premium, according to the survey by New York-based RIMS.

Respondents also reported that the top three first-party cyber exposures are reputational harm, business interruption and data breach response and notification.