Most Risk Managers Worry About Cyberattacks

A total of 90% of risk managers who work for mid-sized companies say they are concerned about their company falling victim to a cyberattack, with 91% stating they have an incident response plan in place should that occur, says a survey issued last week.

A total of 68% also said they had been the victim of an attack in the last three years, including 24% in the past year, while 88% said they had experienced an attack at some point.

Of those who experienced an attack, 68% said their business operations were impacted and 75% reported a significant or moderate financial impact. 

A total of 71% said recovery from the attack took longer than one month, with 35% stating the process took longer than four months.

Among other survey results, 83% said they are renewing their current cyber policy. A total of 53% reported their coverage had changed in the past two years, with most saying that they have increased their coverage.

Cyber coverage is a topic you may want to address with your insurance broker or better yet, meet with Sentry underwriting executives, Matt Beigel and Andrew Giles during our Fall Convention in Orlando this month or email Matt.Beigel@sentry.com or Andrew.Giles@sentry.com to set up a time to meet. 

Source: Sentry