60% of Businesses Plan to Spend More on Cyber Insurance

Organizations of all sizes plan to invest more in cyber insurance in the coming years, but small and midsize enterprises (SMEs) are allocating more of their budgets compared with large companies.

A new survey of 1,009 businesses revealed 65% of SMEs plan to spend more on cyber insurance in the next two years, compared with 58% of large enterprises. More than 70% of SMEs have a coverage limit lower than $1 million and less than the total cost of expenses and loss related to a cyberattack they have experienced in the past or expect to face in the future. 

The research revealed approaches to cyber insurance vary across industries. Life sciences, healthcare, retail, hospitality, and telecom are undercovered and have the biggest gap between their coverage limits and expected losses. On average, 45% of businesses of all sizes think it's likely they will experience a breach over the next year.

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