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European, Middle Eastern and African firms are uninsured for cyber losses, according to a survey issued Monday by Aon Risk Solutions.
The survey of more than 500 individuals, which was conducted by Traverse City, Michigan-based Ponemon Institute L.L.C., found only 15% of the probable maximum loss potential for information assets is covered by insurance. Survey respondents included finance, treasury, accounting and risk management officials, among others.
By comparison, 60% of total property, plant and equipment asset values are protected by insurance, according to the survey report.
Among other survey results, 7% of cyber insureds have limits of more than $21 million. A total of 38% of organizations have experienced a cyber loss in the past 24 months, averaging $3.3 million, according to the survey.
Thirty percent of businesses said they are “fully aware” of the economic and legal consequences of an international data beach or security exploit.
A lack of senior management attention, compounded by a lack of skilled resources, is hampering risk managers’ ability to manage emerging risks in Europe, the Middle East and Africa, according to research by the European operations of Ace Ltd.