"As essential as cyber insurance is, the findings indicate financial executives may be deriving a false sense of security from it," said Kevin Ingram, executive vice president and chief financial officer at FM Global. (Photo: Shutterstock)
Seven in 10 senior financial executives at the world's largest companies believe their insurer would cover most or all of the losses their company would incur in a cyberattack. Many of the losses they foresee, however, are rarely covered by insurance, according to a new report by FM Global.
In a study of more than 100 chief financial officers and other senior financial executives commissioned by FM Global, 45% said they expected their insurer would cover "most" related losses from a cybersecurity event, and 26% said they expected their carrier would cover "all" related losses.
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Steven A. Meyerowitz
Steven A. Meyerowitz, a Harvard Law School graduate, is the founder and president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. He may be contacted at [email protected].
