Few firms take advantage of the sophisticated economic models that allow them to effectively assess the likelihood of a cyber-attack, according to a survey by Guy Carpenter sister company Marsh in partnership with Microsoft.
The study, “By the Numbers: Global Cyber Risk Perception Survey,” found that just 16% of respondents in its survey believed that cyber insurance available today met all their organization’s needs, while 44% didn’t know if it did. This reflects the rapid evolution and expansion of cyber coverage coupled with a lack of understanding by many companies about how much cyber coverage has changed. It also highlights the necessity to deploy more advanced risk quantification tools, which enable clearer decision-making about the role of insurance in cyber risk management; for example, helping to determine limits and retention levels.
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