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U.S Healthcare providers worst prepared with 70 percent reporting no cyber insurance

SAN JOSE, Calif.— August 21, 2018

Highlights:

  • 24 percent of U.S. executives surveyed say their firm has no cybersecurity insurance
  • Only 32 percent of U.S. firms said their cybersecurity insurance covers all risks.
  • Only 26 percent of U.S. firms said their insurer based their premiums on an accurate analysis of their risk profile.
  • Healthcare firms lag other industries, with 70 percent reporting they have no coverage
  • Ovum conducted telephone surveys for FICO of security executives at 500 companies in the UK and 10 other countries

The number of U.S. firms with cybersecurity insurance has risen in the past year — but less than a third say their cyber insurance covers all risks. The second annual cybersecurity survey from research and consultancy firm Ovum, for Silicon Valley analytics firm FICO, found that the number of U.S. firms reporting they have no cybersecurity insurance dropped from 50 percent in 2017 to 24 percent in 2018. This places the U.S. at the exact average reported across all 11 countries surveyed, but lagging behind Canada, India and the UK. Further, only 32 percent of U.S. firms said their cybersecurity insurance covers all risks.

More information: http://www.fico.com/en/latest-thinking/ebook/usa-views-from-the-c-suite-survey-2018

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STOCKHOLM — August 21, 2018

Highlights:

  • 43 percent of Swedish executives surveyed say their firm has no cybersecurity insurance, compared to the 24 percent average of all 11 countries surveyed
  • Only 36 percent of Swedish firms surveyed have cybersecurity insurance that covers all risks
  • Nearly 1 out of 3 respondents who have cyber insurance said it is not based on an accurate assessment of their firm’s individual risk
  • Ovum conducted telephone surveys for FICO of security executives at 500 companies in Sweden and 10 other countries

The number of Swedish firms without cybersecurity insurance is higher than other countries, shows a new cybersecurity survey from research and consultancy firm Ovum, for Silicon Valley analytics firm FICO. The survey found that the number of Swedish firms reporting to have no cybersecurity insurance is 43 percent. And among those who lack cybersecurity insurance, a full 18 percent also have no plans to take one out in the future.

“As there has been a number of large-scale breaches in the last year that have proven costly to those affected, we are surprised at the number of companies in Sweden that are yet to sign up for cybersecurity insurance, not least given the country’s position as a mature digital society,” said Steve Hadaway, FICO general manager for Europe, the Middle East and Africa.

More information: http://www.fico.com/en/latest-thinking/ebook/the-nordics-views-from-the-c-suite-survey-2018

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Full coverage of cybersecurity insurance increases from 18 per cent to 40 per cent since last year, according to annual global cyber-risk survey

TORONTO — August 21, 2018

Highlights:

  • 40 per cent of Canadian firms surveyed have cybersecurity insurance that covers all likely risks – an increase of 22 percent from 2017
  • Canada’s financial services companies are the most prepared to combat cyber-risk. Fifty-six percent of Canada’s financial services companies have full cyber-risk insurance coverage, while 38 percent have some insurance coverage for cyber-risk
  • Ovum conducted telephone surveys for FICO of security executives at 500 companies in Canada and 10 other countries

The number of Canadian firms with full cybersecurity insurance has risen dramatically in the past year — 40 percent have cybersecurity insurance that covers all likely risks. The second annual cybersecurity survey from research and consultancy firm Ovum, for Silicon Valley analytics firm FICO, found that the number of Canadian firms reporting they have no cybersecurity insurance dropped from 36 percent in 2017 to 22 percent in 2018. However, nearly half of Canadian respondents who have cybersecurity insurance said it only covers some risks.

More information: http://www.fico.com/en/latest-thinking/ebook/canada-views-from-the-c-suite-survey-2018

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