Cyber Risk Report
Hanover Specialty Research Series

Today's protection

Businesses are putting protection in place

According to our report, most business decision-makers reported that they are taking action to protect their interests by purchasing policies. 

The responses also suggest that small businesses may be more vulnerable than mid-sized and large businesses, as they are less likely to have cyber liability insurance and to have increased their limits during the past year. 

84%

feel they have an appropriate level of protection but....

38%

have not increased their cyber policy limits during the past year

 

Industries most likely to have cyber coverage

While many companies have protection in place, they may not have enough.

 

Industry

Have Cyber Liability Coverage

Tech and life sciences 91%
Financial services 88%
Wholesale 86%
Manufacturing 85%
Education, health and social services 80%
Construction 79%
Professionals 78%
Other industries 70%

 

 42% of companies across all industries may not have enough cyber insurance to cover the nearly 1 million average cost3 of a cyber attack


Principle reasons businesses purchase protection

While the majority of business decision-makers who purchased a cyber insurance policy did so at the recommendation of their independent agent, two other key factors influenced the decision.

50%

due to significant media coverage

37%

as a result of past attacks.

Responding and recovering from a cyberattack can cost a business $1 million or more. In the event of an attack, the value of having the right cyber coverage is incalculable. The Hanover offers four holistic cyber solutions that include a variety of flexible coverage options designed to evolve with business needs and keep pace with the changing threatscape.

Eric Cernack, President, Cyber

 

3NetDiligence Cyber Claims Study 2019 Report