49%
Only 49 percent of respondents said they were prepared for a cyber or Intellectual Property ‘Black Swan’ event.
Sponsored by Aon. Independently conducted by the Ponemon Institute. Published July 2024.
Cyber risk and generative artificial intelligence (Gen AI) top the list of C-suite concerns, and the likelihood of an intangible asset cyber event occurring is reported to be three times (3X) more likely than an attack on property, plant, and equipment (PP&E).
Yet, organisations report that insurance is in place to cover only 17 percent of information assets compared to 60 percent for PP&E. This underappreciation of the value of cyber insurance contributes to an insurance versus cyber risk gap, exposing many organisations to unnecessary financial exposures. This risk will grow as Gen AI lowers the barrier to entry for cyber criminals and heightens the impact of cyber attacks.
Only 49 percent of respondents said they were prepared for a cyber or Intellectual Property ‘Black Swan’ event.
This research aims to provide a better understanding of the evolving threats of generative AI, cyber and IP. It highlights the role insurance can play in protecting intangible assets to help organisations make better decisions regarding allocation of their finite resources to protect against tangible and intangible perils.
In the report, we compare the relative:
The likelihood of a loss is higher for intangible assets than for tangible assets.
The average total value of intangible assets is 2.45% higher than that of tangible assets.
The average Probable Maximum Loss for intangible assets is almost 43% higher than that of tangible assets.
69% of organisations use or intend to use AI products or services.
54% of organisations had a material or significantly disruptive security exploit or data breach one or more times in the past 24 months.
While most organisations do not have specific IP insurance policies, 68% of organisations say they have an interest in purchasing them.
The consolidated sampling frame is composed of 63,112 individuals located in North America, Europe, the Middle East, Africa, Asia Pacific, Japan and Latin America. Respondents are involved in their company’s cyber risk management as well as enterprise risk management activities. 2,790 respondents completed the survey, of which 327 were rejected for reliability issues. The final sample consisted of 2,462 surveys, of which EMEA survey respondents totalled to 596.
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