JERSEY CITY, N.J., October 28, 2014 — The biggest challenge in selling cyber insurance is educating businesses about the need for cyber coverage, according to a new survey conducted by Hanover Research and sponsored by ISO. ISO is a Verisk Analytics (Nasdaq:VRSK) business.
The survey of insurance professionals found that among carriers offering cyber insurance, 40 percent say companies don’t think they need cyber coverage and 29 percent believe they’re already covered under existing policies. Only 12 percent say the biggest challenge is that premiums are too high. These results come as the cyber insurance market continues to grow, with most insurers surveyed expecting to sell 5 percent or more coverage next year.
“Even though data breaches are in the news every week, many companies still don’t recognize that cyber attacks are serious, and that the costs associated with responding to one can be significant and generally not covered under current commercial insurance policies,” said Shawn Dougherty, assistant vice president of Specialty Commercial Lines at ISO. “That’s why insurers and brokers are working hard to educate businesses and make it easy for them to add cyber coverage to their existing insurance portfolio.”
The survey also revealed these findings about insurers that offer cyber insurance:
Information about ISO’s various cyber offerings, along with informative trade journal articles and blog posts, can be found on the ISO Cyber Risk Solutions website, www.verisk.com/cyber.
About Hanover Research
Hanover Research is a global information services firm providing knowledge support to both non-profit and for-profit organizations. Within the for-profit space, B2B and B2C executives apply Hanover Research’s market trends, competitive intelligence assessments, and data insights to guide product development, size market opportunities, and gauge brand perception. These insights inform corporate strategy — enabling companies to work smarter to drive revenue and ensure customer satisfaction. You can learn more by visiting us at http://www.hanoverresearch.com.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, ISO provides statistical, actuarial, underwriting, and claims information and analytics; compliance and fraud identification tools; policy language; information about specific locations; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a Verisk Analytics (Nasdaq:VRSK) business. For more information, visit www.verisk.com/iso and www.verisk.com.