2015 Cyber Security and Data Privacy Survey: How prepared are you?
When purchasing insurance, it goes without saying that most companies hope they never have to actually use it. Increasingly, however, many companies that purchase cyber and data privacy insurance are doing just that.
Nearly half (44%) of the companies surveyed that have cyber and data privacy insurance have filed a claim with their carriers. That’s the bad news. But, the good news is that nearly all the companies (96%) that have filed a claim are satisfied with their coverage and the handling of the claim.
These findings are just two of the many insights resulting from a 2015 study that Wells Fargo Insurance’s Technology, Privacy and Network Security Practice group for cyber and data privacy insurance commissioned. We surveyed 100 influential decision-makers (who work at companies with $100 million or more in annual revenue) to understand:
- The current levels of readiness for responding to a cyber or data privacy incident
- Perceptions of security and network vulnerabilities
- The challenges that companies face when purchasing cyber coverage
In addition to purchasing insurance, the results show that most companies are implementing a variety of measures to better prepare for a cyber security or data privacy incident, including testing incident response plans and training employees; however, there is room for improvement. This white paper looks at some of the key findings of our survey