Mid-sized corporate cyber insurance take-up edges past large-cap rivals
Mid-sized companies may have pulled ahead of their large-cap rivals in terms of cyber insurance penetration, the 2023 Travelers Risk Index suggests.
Cyber insurance coverage levels among mid-sized companies rose 7 percentage points year on year to 74% of the 2023 survey panel, The Travelers said in its release of 2023 results.
That pushed the group ahead of large-cap respondents, where cyber coverage was flat year on year at 72%, the survey suggested. Small firms lag with 34% buying some form of coverage.
Taken across the full array of corporate respondents, the percentage of surveyed companies that buy cyber insurance has risen to some 60% today from 39% five years back.
Cyber threats made the podium of business worries for the ninth straight year, the 2023 Travelers Risk Index survey results showed. Some 58% of survey participants said they worry some or a great deal about cyber, ranking it just behind medical cost inflation at 60% and broad economic uncertainty, cited by 59% of the panel.
Some 54% call it “inevitable” that their firm will fall victim to cybercrime. A full 23% have already fallen victim, nearly half within the past twelve months.
The survey, first launched in 2014, drew responses in 2023 from 1206 business leaders in a survey period that ran between June 1 and 13.
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