Cyber insurance - Statistics & Facts

Cyber insurance has emerged as a response to growing number of data breaches worldwide and the extent of damage that they cause to businesses. Data breaches are perceived as one of the leading risks to businesses as, among other factors, they can have a huge influence on the company earnings. In the United States, the average cost of cyber crime amounted to 17.36 million U.S. dollars in 2016. It is not surprising, then, that companies have started to look for ways of protecting themselves against cyber threats.

In 2015, 63 percent of global companies were insured against loss of income due to data breach, while more than half of the companies without cyber liability insurance considered purchasing it. The share of businesses with cyber insurance worldwide increased with company revenue. Only 3.8 percent of companies with revenues lower than 2.5 million U.S. dollars owned cyber insurance. Among companies with revenues exceeding five billion U.S. dollars, this number was equal to 25.9 percent.

In the United States, 33 percent of companies owned cyber liability insurance in 2014. In that year, the U.S. industry sector with highest share of companies purchasing the insurance was the financial services sector. The average limit of purchased cyber liability insurance by the U.S. financial institutions sector amounted to 23.5 million U.S. dollars. More than 82 percent of U.S. companies reported that they were able to buy cyber insurance that met their needs in 2014. The companies not protected by cyber insurance cited the complicated nature of cyber insurance, as well as a perception of insufficient threat or too high costs, as the reason for their lack of protection.

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Cyber insurance - Important statistics

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