The energy, oil/gas and utilities sector has the highest level of cyber insurance coverage, with 97% of surveyed organizations reporting policies (most of them standalone.) The lowest adoption of cyber security coverage is found in the “Central/federal government” and IT, tech and telecom sectors. To be sure, even with the lowest penetration, these two sectors both report 81% coverage.
Why is the energy sector so well covered? Sophos suggests a combination of high regulation and aging technology infrastructure.
The cyber insurance by industry survey, conducted earlier this year by the provider of cyber security products and services, covered “5,000 IT/cybersecurity leaders across 14 countries in the Americas, EMEA, and Asia Pacific.”
Among other useful insights in the study are findings on why enterprises did not have their losses covered by cyber insurance policies, plus data indicating confusion within organizations about what exactly their cyber policies cover.
See an earlier study by Sophos on ransomware and the healthcare industry.
Other News: Penetration Testing To Grow With Cyber Insurance – Report(Opens in a new browser tab)
Other News: Patelco Credit Union says its network is stabilized and functional after ransomware attack.