RIMS: Enterprise Risk Management Does Indeed Help Spot Cyber Risks

A whopping 77 percent of risk management professionals credit enterprise risk management with helping them spot cyber risks at their companies.

That is one of the major findings from the Risk and Insurance Management Society’s Cyber Survey 2015, a first-time effort. Responses came in from 284 of RIMS’ U.S. professional members in various industries, with 58 percent of respondents coming from organizations that produce more than $1 billion in annual revenue.

RIMS said it conducted the survey, in part, to identify methods and response procedures used by its members. As well, the organization wanted uncover strategies in place addressing areas such as insurance investments, exposures, cyber security in order to uncover strategies used by its members against cyber threats, including insurance investments, exposures, cyber security ownership and government involvement.

RIMS President Rick Roberts said that the new information is intended to give “the global risk management community valuable insight, showing how organizations are trying to stay ahead of this top concern.”

Here is a roundup of some of the key survey findings:

• The top three first party exposures reported are reputational harm (79 percent), business interruption (78 percent), and data breach response and notification (73 percent).
• 51 percent said their companies or organizations purchase standalone cyber insurance policies.
• 58 percent of those with cyber insurance policies carry under $20 million in cyber coverage, and just under half of those said they pay more than $100,000 in premium.
• 74 percent of respondents who said their companies lack cyber coverage are considering getting it within the next 12-24 months.

Related Story: CNA’s 5 Ways to Strengthen Cyber Risk Management

Source: RIMS