Moody’s, the credit and risk rating company, surveyed 1,700 people from debt issuers representing $80 trillion in outstanding debt across “71 global sectors.”
“Despite the higher cost of cyber insurance, only 3% of issuers said they planned to buy less cyber coverage in 2023 than in 2022. The vast majority (82%) plan to purchase about the same amount, and 16% said they would buy more. These numbers hold even for those that have faced substantial increases in cyber insurance premiums.
Among those whose premiums increased 100% or more, 89% said that in 2023 they would purchase about the same amount of coverage…,” Moody’s reported (see the Moody’s report and survey info here.) The company noted that 30% of Asia-Pacific respondents planned to purchase more cyber insurance this year, reflecting the greater market headroom in that region compared to the Americas and Europe.
The survey also confirmed the growing level of regulations involving cybersecurity and disclosures of beaches: “Moody’s asked issuers whether they are required to report cyber incidents that do not lead to a breach of personally identifiable information, such as names, passport data or biometric records. Two-thirds (66%) of respondents said they are (response rate: 67%), but this figure will likely rise as authorities enact additional disclosure requirements.”