RIMS, the risk management society ™ has conducted its first Cyber Survey 2015 to explore strategies implemented by risk professionals including insurance investments, exposures, cyber security ownership, government involvement, as well as identification methods and response procedures.
Responses came in from 284 of RIMS U.S. professional members in various industries, with 58% of respondents coming from organizations that produce more than $1 billion in annual revenue.
RIMS said it conducted the survey, in part, to identify methods and response procedures used by its members. As well, the organization wanted uncover strategies in place addressing areas such as insurance investments, exposures, cyber security in order to uncover strategies used by its members against cyber threats, including insurance investments, exposures, cyber security ownership and government involvement.
RIMS President Rick Roberts said that the new information is intended to give “the global risk management community valuable insight, showing how organizations are trying to stay ahead of this top concern”
Key survey findings:
- 77% of risk management professionals credit enterprise risk management with helping them spot cyber risks at their companies.
- The top three first party exposures reported are:
- 79% reputational harm
- 78% business interruption
- 73% data breach response and notification
- 51% said their companies or organizations purchase standalone cyber insurance policies.
- 58 percent of those with cyber insurance policies carry under $20 million in cyber coverage, and just under half of those said they pay more than $100,000 in premium.
- 74% of respondents who said their companies lack cyber coverage are considering getting it within the next 12-24 months.