More companies buying cyber coverage: Zurich, Advisen

More companies are buying cyber insurance policies, according to a survey issued Wednesday.

The percentage of companies buying the coverage totaled 86%, with 69% holding standalone policies, which is an increase in both cases of three percentage points from last year’s findings, according to the 12th annual Information Security and Cyber Risk Management report released by Zurich Insurance Group Ltd. and Advisen Ltd.

Among other survey findings, 83% said cyber risk has become a more significant concern, and 69% have invested in cybersecurity measures to mitigate their risk.

A total of 54% of respondents who experienced a claim reported it to their cyber insurer, with more than 70% recouping costs, while a portion of claims are still in process.

The survey found that 21% of respondents assess their exposure to cyber risks either monthly or quarterly, 18% do so annually, and 17% weekly.

The email survey was completed at least in part by 353 respondents, 28% of whom were either a chief risk manager or head of a risk management department, with 25% a different member of a risk management department and 20% an executive such as a chief information officer, chief financial officer or CEO. They represented a broad range of industries.

The survey was conducted in July and early August.