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Despite growing cyber risk, EMEA corporations slow to adopt cyber insurance

In Europe, the Middle East, and Africa the EMEA region cyberinsurance is slow to catch on, according to Aon Risk Solutions 2017 EMEA Cyber Risk Transfer Comparison Report.

By Rhys Dipshan | Updated on November 02, 2017

In the age of ransomware and phishing, many organizations are looking to cyberinsurance to mitigate their risk. But in Europe, the Middle East, and Africa — the EMEA region — such insurance is slow to catch on, according to Aon Risk Solutions’ 2017 EMEA Cyber Risk Transfer Comparison Report.

The report looks at the results of a Ponemon Institute survey of over 500 cyber and enterprise risk managers in EMEA corporations conducted in late 2016. Over one-third of respondents disclosed they had a “material or significantly disruptive” breach or incident within the past 24 months, the average financial impact of which was $3.3 million. Around two-thirds, 65%, also said their risk of a cyberattack will likely increase over the next two years, while 22% predicted it will stay the same.

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