The average policy limits for network security-and-privacy liability policies increased 46 percent year-over-year to $18.1 million, and 39 percent of survey participants purchased network security-and-privacy liability policies, an 11-percent increase from last year, according to Towers Watson’s annual “Risk and Finance Manager Survey.” The number of those who had not purchased a policy decreased 31 percent from the year prior and said their internal IT department/controls were adequate.
“Our survey results show a mounting awareness of cyber-attack capabilities, which require a more comprehensive protective net than reliance on even the most capable IT staff,” said Larry Racioppo, VP, executive liability group, Towers Watson. “Yet, six in ten companies are still without a liability policy in place, and this is alarming. The financial and reputational costs companies face could be enormous if they don’t develop comprehensive risk strategies to thwart cyber-attacks.”
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