More than 80% of organisations still without cyber cover

Less than one in five organisations (19%) have insurance specifically designed to cover against cyber attacks, despite the fact that over three-quarters (76%) have become more concerned about information security and privacy over the past three years.

Research undertaken by Zurich in association with Ferma and Primo also revealed that just 16% of companies have a designated chief information security officer to oversee cyber risk and fewer than half (44%) have increased their budget to tackle the problem.

Respondents to the survey highlighted malicious employee activity as one of the most serious information security concerns, however, just one-third (36%) said their organisation provides information security and risk training for employees and less than half (46%) said the training occurs either annually or biannually.

The research suggested regulation and compliance concerns appear to be driving much of organisations’ planning around cyber risk, after three of the top five concerns surrounded legal liability.

Zurich chief risk officer for general insurance Steve Wilson said: “Cyber risk comes in a bewildering variety of forms for organisations and we hope this research will provide risk managers with important insights into this critical issue.

“As the survey shows, it is essential that organisations do not fall into the trap of a top-down approach, taking a holistic approach which engages all employees to meeting this challenge.”