Security News > 2020 > May > Businesses vulnerable to emerging risks have a gap in their insurance coverage

The majority of business decision makers are insured against traditional cyber risks, such as breaches of personal information, but most were vulnerable to emerging risks, such as malware and ransomware, revealing a potential insurance coverage gap, according to the Hanover Insurance Group.

Most businesses surveyed indicated they had purchased cyber insurance, and more than 70% reported purchasing a policy on the recommendation of an independent insurance agent.

Other key findings: The insurance coverage gap The top cybersecurity fear for businesses was breach of personally identifiable information malware-related attacks were the most commonly experienced attack.

Over 40% of businesses had no cyber insurance or limits of $1 million or less, which may not adequately cover the cost of the average cyberattack.

"Having the appropriate cyber protection will only become more important as new technologies emerge, businesses become more connected and cyber criminals develop more sophisticated methods," said Bryan J. Salvatore, president of specialty insurance at The Hanover.

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