RIMS Survey on Cyber Risk
The 2017 RIMS Cyber Survey of 288 members reveals that organizations are buying more cyber insurance and spending more on cyber risk best practices. According to the survey, fewer than 50 percent of those polled believe the government should mandate the reporting of cyber breaches, while around 33 percent think the government should mandate cyber security standards for companies. About 48 percent of respondents said they are spending more than last year to protect against cyber security exposures, and 44 percent of those buying cyber insurance have a limit of $5 million to $20 million.
The survey indicates that those who want to buy cyber coverage have bought it, and specialty stand-alone cyber coverage is nearing saturation.