October 16, 2017
Published in Continuity Insurance & Risk (CIR)
Organisations spend four times more on physical risks than they do on information assets, according to a new report carried out by the Ponemon Institute and Aon.
According to the 2017 EMEA Cyber Risk Transfer Comparison Report, this is in spite of a growing recognition of the value of technology and data assets relative to historical tangible assets. Some 38% of EMEA businesses have suffered a cyber related loss in the last 24 months, averaging US$3.3m per loss; yet, only 15 percent of their probable maximum loss (PML) is covered by insurance. This is in stark contrast to the policy limits purchased against physical assets , where around 60% of PML is typically covered. The report also shows that the impact of business disruption to information assets is 50% greater than to physical assets.
Read the article here.