RIMS Releases Cyber Survey 2015

June 08, 2015

ERM Tops List as Best Practice for Identifying Cyber Threats
(NEW YORK) June 8, 2015 – Due to the tremendous publicity and new information regarding the impact of a cyber-attack, organizations have placed greater emphasis on developing risk management strategies to proactively address these exposures. RIMS, the risk management society ™, conducted its first Cyber Survey 2015 to explore strategies implemented by risk professionals including insurance investments, exposures, cyber security ownership, government involvement, as well as identification methods and response procedures.
Key findings from RIMS Cyber Survey 2015 include:
  • 51% of respondents purchase stand-alone cyber insurance policies
  • 58% of those with cyber insurance policies carry less than $20M in cyber coverage, while 49% of those are paying over $100k in premium
  • 74% of those without cyber coverage are considering procuring coverage in the next 12-24 months
  • 77% of respondents credit Enterprise Risk Management for identifying cyber risk
  • The top three first party exposures reported are:
                 o    Reputational harm (79%)
                 o    Business interruption (78%)
                 o    Data breach response and notification (73%)

“It seems like every day risk professionals are confronted by new cyber-attacks and forced to take immediate action to protect their organizations before it is too late,” said RIMS President Rick Roberts.  “The key to successfully mitigating the impact of a cyber-breach – or even preventing one in the first place – is knowledge. RIMS Cyber Survey offers the global risk management community valuable insight, showing how organizations are trying to stay ahead of this top concern.”
The survey features input from 284 of RIMS’ Professional Members in the United States. The majority of the survey respondents represented organizations with excess of $1 Billion US in revenue (58%), hailing from a wide-range of industries.
The full is survey is available to both RIMS members and non-members in RIMS Risk Knowledge library: www.RIMS.org/Riskknowledge.

For more information, contact:

Josh Salter, Director of Communications, (212) 655-6059 or JSalter@rims.org

About RIMS

As the preeminent organization dedicated to promoting the profession of risk management, RIMS, the risk management society®, is a global not-for-profit organization representing more than 3,500 industrial, service, nonprofit, charitable and government entities throughout the world. Founded in 1950, RIMS is committed to advancing risk management capabilities for organizational success, bringing networking, professional development and education opportunities to its membership of more than 10,000 risk management professionals who are located in more than 60 countries. For more information on RIMS, visit www.RIMS.org

About Us