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Seven in 10 chief financial officers believe their insurer would cover most or all of the losses their company would incur in a cyberattack, but many of these losses are rarely covered by insurance, said FM Global in a report issued Wednesday.
FM Global said that in a study of 105 CFOs conducted its behalf, 45% of respondents said they expected their insurer would cover “most” related losses from a cybersecurity event, and 26% said they expected their insurer would cover “all” related losses.
But FM Global said most of the impacts they expect to experience are not typically covered by insurance policies. These include degradation of the company’s brand reputation, with 46% stating this was a likely effect of a cybersecurity event; increased scrutiny from the investment community, cited by 40%; decline in revenue/earnings, cited by 38%; and introduction of regulatory compliance problems, cited by 35%.
“As essential as cyber insurance is, the findings indicate financial executives may be deriving a false sense of security from it,” Kevin Ingram, Johnston City, Rhode Island-based-based executive vice president and CFO for FM Global, said in the statement. There are “losses related to a cyber attack that insurance cannot cover.”
The survey was conducted in the spring via a targeted online survey, according to a company spokeswoman.
(Reuters) — Lloyd’s of London wants all insurance and reinsurance policies to clearly state whether coverage will be provided for losses caused by a cyberattack, saying this was in the best interest of both brokers and customers.