This share was only 35% in 2022, according to the German reinsurance giant’s multi-year cyber risk study.
In 8% of cases, respondents indicated that their company had considered purchasing insurance but declined the option, and 9% indicated that they did not plan to purchase such a policy.
The survey, conducted among more than 7,500 participants across 15 countries and various sectors, also shows that 87% of respondents believe their organization is ill-prepared for cyber threats, a percentage that is 4 percentage points higher than in 2022.
Of the factors explaining the lack of cyber risk coverage subscriptions, price (33% of responses) comes before the lack of awareness of the offering and the lack of understanding of the products.
The financial (39%) and IT (34%) sectors, which are among the sectors most affected by cyber attacks, have the highest values in terms of insurance contracts already concluded.
The global premium market for cyber insurance totaled $14 billion in 2023 and is expected to reach about $29 billion by 2027, Munich Re estimates.