Cyberattacks are now considered by most execs to be the top business concern, far outranking economic uncertainty, brand damage, and regulation, according to a survey by insurance consultancy Marsh and tech giant Microsoft.
The global survey of over 1,500 business leaders illustrates the rapid change in business leaders' perceived risks to their organizations and shows that having a cyber insurance policy is now more common than two years ago.
In 2017, Marsh and Microsoft found that 62% of respondents saw cyberattacks as a top-five risk, whereas this year 79% do. The share of respondents who see cyber attacks as the number one risk has also risen from 6% to 22% over two years.
According to Marsh and Microsoft's survey, 47% of organizations have cyber insurance, up from 34% in 2017. Additionally, 57% of large firms with annual revenues of over $1bn report having cyber insurance compared with 36% of organizations with revenues below $100m.
Nearly all respondents, totaling 89%, are confident their cyber insurance policy would cover the cost of a cyber event.
But not all cyber-insurance claims are paid. Food giant Mondelez was one of several victims of NotPetya in 2017. Its insurance provider Zurich Insurance Group declined to pay for Mondelez's $100m damages claim because NotPetya was considered a "hostile or warlike action in time of peace or war".