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More than a quarter of US firms in survey by FICO and Ovum say they are not planning to take out cybersecurity insurance

SAN JOSE — May 31, 2017

Highlights:
 

  • 50 percent of US executives surveyed say their firm has no cybersecurity insurance, compared to 40 percent in other countries surveyed
  • 27 percent of US executives say their firms have no plans to take out cybersecurity insurance, despite 61 percent of executives stating they expect the volume of attempted breaches to increase in the next year
  • Only 16 percent of US firms surveyed have cybersecurity insurance that covers all risks
  • Ovum conducted telephone surveys for FICO of security executives at 350 companies in the US and other countries

A full 50 percent of US firms do not have cybersecurity risk insurance, despite the fact that 61 percent of US firms expect the volume of cyber breaches to increase in the next year. These findings come from a new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO, which also reveals that even among those that have insurance, only 16 percent said they have cybersecurity insurance that covers all risks. This puts the US well behind the UK and Canada, among other countries.

FICO will host a Tweet Chat on the cybersecurity survey with Ovum tomorrow at 11:00 AM EDT. Individuals are encouraged to participate using #cybertrends.

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While ahead of global averages, Canadian businesses still have a long way to go to fully protect themselves in the event of a data-breach

TORONTO — May 31, 2017

Highlights:

  • 36 percent of Canadian security executives surveyed say their firm has no cyber security insurance, compared to 50 percent in the U.S. and 40 percent globally
  • 80 percent of respondents say insurers should do more to explain how they price risk coverage
  • Ovum conducted telephone surveys for FICO of security executives at 350 companies in Canada and other countries

Canadian firms are ahead of the curve when it comes to cybersecurity risk insurance, but over one-third (36 percent) have not taken out cybersecurity insurance at all. Those are key findings in a new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO, which reveals that even among those that have insurance, only 18 percent say they have cybersecurity insurance that covers all likely risks.

FICO will host a Tweet Chat on the cybersecurity survey with Ovum tomorrow at 11:00 am EDT. Individuals are encouraged to participate using #cybertrends.

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Most Swedish firms in survey by FICO and Ovum say insurance industry should improve explanations of cybersecurity insurance pricing

Stockholm — May 31, 2017

Highlights:
 

  • 44 percent of Swedish executives surveyed say their firm has no cybersecurity insurance, compared to 40 percent in other countries surveyed
  • Only 12 percent of Swedish firms surveyed have cybersecurity insurance that covers all risks
  • 84 percent of Swedish respondents say insurers should do more to explain how they price risk
  • Ovum conducted telephone surveys for FICO of security executives at 350 companies in Sweden and other countries

Swedish firms are increasingly protecting themselves with cybersecurity risk insurance, which transfers some of the financial risk of a security breach to the insurer, but still nearly half of firms have not taken out insurance. A new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO reveals that even among those that have insurance, only 12 percent said they have cybersecurity insurance that covers all risks.

FICO will host a Tweet Chat on the cybersecurity survey with Ovum tomorrow at 17:00 CET. Individuals are encouraged to participate using #cybertrends.

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