Demand for cyber insurance on the rise, joint Swiss Re/ IBM study shows

Following several high-profile cyber security breaches over recent years, a growing number of corporations perceive cyber as a high risk. Swiss Re therefore expects the demand for cyber insurance to rise. These are the findings of a joint study Swiss Re and the IBM Institute for Business Value conducted this year.

1800 companies (800 insurers and 1000 companies from other industries) participated in the study"Cyber: in search of resilience in an interconnected world". The joint Swiss Re/IBM survey of companyCROs, CTOs, CISOs, or similar functions in January 2016 showed that 48% of the companies currently consider the threat from digital interconnectedness to be greater than other risks, and that 60% believe cyber will become a bigger risk over the next 10 years.

"Businesses of all sizes are aware of the cyber threat. Most corporations and insurers across the main regions expect the frequency and severity of cyber incidents to increase. With stronger data protection regulation being implemented in various countries, cyber risks are only likely to rise further up the corporate agenda", says Maya Bundt, Head Cyber & Digital Strategy for Swiss Re.

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