#CyberFLASH: One in five risk managers surveyed not sure whether their cyber insurance policy covers data in cloud servers

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Four in five risk managers surveyed said their company has a stand-alone cyber insurance policy, though only three in four reported their policy covers network/business interruption, Risk and Insurance Management Society Inc. said in the 2016 RIMS Cyber Survey, released Monday.

There were 272 respondents to the survey, which was distributed to RIMS members via an Internet link, and was “in field between August 8 and September 9, 2016.”

When asked whether their company has a “stand-alone cyber insurance policy,” 80% of respondents said yes, 19.5% said no and 0.5% said they were not sure.

Respondents were asked whether their organization’s cyber insurance extends to data stored in cloud servers. More than two-thirds (69%) said yes, 9% said no and 22% said they were not sure.

RIMS also asked members which losses were included in their cyber insurance policies. More than nine in 10 (91%) said breach notification costs. About one in four (27%) said theft of trade secrets; 80% said data recovery; 50% said professional liability; 76% said network/business interruption; 78% cyber extortion and 63% said fines and penalties.

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