Cyber Risk Report
Hanover Specialty Research Series

Critical findings

Cyber vulnerabilities may outpace protection

Our report revealed business decision-makers understand they face numerous cyber risks, and that a cyber incident could have significant negative impact on their business. 

38% of business decision makers

have not increased their cyber policy limits in the last 12 months

42% of businesses

may not have enough insurance to cover the average cost of an attack

1 in 2 businesses

report experiencing a malware-related attack

3 most common types of attacks:

ransomware, malware and social engineering

2 days

is the time 60% of respondents said it would take to become unprofitable if they lost access to critical systems/data

70% outsource security

operations or critical IT to third-party vendors

With records, revenues, supply chain and reputation all on the line, businesses are right to be greatly concerned about cyber risks. As companies focus on digitization and interconnectivity, so will cyber criminals. Businesses will need protection that goes well beyond basic cyber liability insurance.

Bryan Salvatore, Executive Vice President and President, Specialty