The cyber insurance industry is moving fast, but not quickly enough to keep up with the needs of businesses according to a recent survey.
In the survey carried out by the leading email and data security company Mimecast, 45% of businesses with cyber insurance said that they were unsure if their policies were up-to-date for covering new social engineering email attacks, and only 10% firms are confident that their cyber insurance policies are completely current and advanced.
“Cyber insurance uptake is growing quickly but a lack of employee training on the latest email attacks is leaving organizations at great risk of breaking policy terms,” said Steven Malone, Mimecast director of security product management.“Attacks where employees are tricked into sending personal data or intellectual property are even less likely to be fully covered.”
The survey’s findings echo comments made by CEO of Airmic John Hurrell at the association’s recent conference. Hurrell highlighted the responsibility of cyber insurers to keep up with the needs of businesses as they become increasingly exposed to risks such as data breaches and business interruptions.
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