QBE report highlights need for greater awareness of additional services in cyber policies

A recent report by QBE North America, in collaboration with Zywave, revealed that many businesses are overlooking additional risk management services included in their cyber insurance policies, underscoring the need for greater awareness to enhance cyber resilience.

The report surveyed risk professionals and insurance buyers from large organisations, with nearly half of the respondents having revenues exceeding $1 billion.

The findings show that only 40% of respondents utilise the extra risk management services offered through their cyber insurance policies, such as workshops, security assessments, and network scanning tools.

Additionally, only half of the respondents (50%) were aware of these services, suggesting that awareness plays a key role in businesses taking advantage of them. This indicates that more efforts are needed to raise awareness about these resources.

Serene Davis, Global Head of Cyber at QBE, noted, “The survey findings highlight the critical role cyber insurance plays in today’s business landscape, but they also reveal significant gaps in how these policies are utilised.”

She continued, “Our industry needs to close these gaps by improving engagement and helping businesses fully leverage their cyber insurance to better protect against and respond to evolving threats.”

Dominic Keller, Global Head of Cyber Services at QBE, added, “Businesses need greater awareness of the value-added risk management services available through their policies.”

“There is a clear need for insurance partners to help their clients fully understand how these services can strengthen their cyber resilience,” Keller concluded.

The report also highlighted that cyber insurance has evolved from a niche product to a standard element of risk management strategies, especially for large companies. Over 80% of respondents have some form of cyber insurance, driven by the high rate of cyber incidents, with more than 60% having experienced a cyber event.

Risk transfer was identified as the primary benefit of cyber insurance, followed by breach response services (83%) and incident response planning and support (73%).

The cost of cyber insurance is now less of a concern than in the past, with businesses citing the cost of cybersecurity systems, services, and the availability of qualified IT staff as more pressing challenges in managing cyber risks.

The survey also revealed that insurers and brokers currently engage mainly with corporate risk managers, with 72% of respondents identifying them as the decision-makers in cyber risk purchases. However, fewer than four in ten Chief Information Security Officers (CISOs) are involved in these decisions, despite their primary responsibility for cybersecurity.

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