Insurance is an important part of strategy around managing cyber risk. It addresses a variety of digital-related risks and helps businesses as they move to innovate in a digital marketplace.
The State of Cyber Resilience, a new report by Marsh and Microsoft to help leaders from all departments align and prioritize their cyber strategies for 2022 and beyond, focuses on a number of areas connected with digital risks. Guy Carpenter and Marsh are businesses of Marsh McLennan.
More than 650 cyber risk leaders around the world participated in the 2022 Marsh and Microsoft Cyber Risk Survey, the third such collaboration the companies have undertaken in the past 4 years. Among respondents, 61% said their organizations purchase some kind of cyber coverage, up by nearly 30% from the previous survey in 2019.
Insurance provides a valuable safeguard to help recover lost costs in case of an attack. It also provides invaluable data to insurers as they learn from the claims experience and adjust underwriting standards in a direction to help mitigate such losses.
Embracing effective controls is now a mandate for many insurers, encouraging positive cyber security practices. Among survey respondents, 41% said requirements from insurers influenced decisions to augment or develop effective mechanisms.
Guy Carpenter’s team of cyber experts delivers unique insight on the cyber risk landscape and market trends, working across the Marsh McLennan network—Marsh, Oliver Wyman and Mercer—to provide strategic advisory on market dynamics, challenges and key objectives.
The State of Cyber Resilience
A new report by Marsh and Microsoft to help leaders from all departments align and prioritize their cyber strategies for 2022 and beyond.