According to a survey conducted by Marsh India, the majority of risk and insurance professionals in India are unaware of whether or not their organisation has been a victim of cyber attacks in the past three years.
Although, they consider such attacks to be a top concern.
A survey of more than 150 risk and insurance professionals from a wide range of industries, conducted at Marsh’s inaugural Digital Threats Conference in Mumbai, found that risk managers are concerned about the perceived threat of cyber attacks on their organisations, with 55% naming the risk as a “top concern” for their organisation, with 44% indicating concerns have increased significantly over the past 12 months.
Asked to identify the top worry stemming from a cyber attack or data breach, 43% said that reputation damage was their main concern, followed by financial loss (30%), lawsuits (16%), and regulatory action or loss of license (9%).
However, despite cyber risk concerns within organisations, only 21% of companies indicated they currently purchase stand-alone cyber liability insurance. The low take-up rate of this insurance could be related to lack of awareness, with 55% indicating they are not familiar with cyber insurance.
According to Sanjay Kedia, CEO, Marsh India, these results demonstrate a concerning low level of understanding within the Indian risk and insurance professional community, which is exactly why Marsh hosted this digital threats event.