May 12, 2017
Published in Lexology
According to a recent report published by the Ponemon Institute and Aon, a significant number of large corporations believe their cyber assets are more valuable than plant, property and equipment. However, the 2017 Cyber Risk Transfer Comparison Global Report has revealed that companies are four times more likely to spend budget on insurance for physical assets than for cyber assets.
On average the companies surveyed insured an average of 59% and self-insured 28% of plant, property and equipment, but only insured an average of 15% and self-insured 59% of cyber risks. Yet the majority of companies surveyed spent considerably more on fire insurance premiums than on cyber insurance, despite the fact that the risk of any particular building burning down is significantly lower than 1%, and despite disclosing in publicly filed documents that the majority of an entity’s value is attributed to intangible assets.
Read the full article here.
