Of $1.5 Trillion Lost to Cybercrime Annually, 15% Covered by Insurance, Insurer Reports

Companies worldwide lose about $1.5 trillion annually to cybercrime, and insurance covers about 15 percent of the cost, reported WomenCorporateDirectors and Marsh & McLennan’s Global Risk Center. A survey by Marsh and Microsoft from January showed 30 percent of companies have a cyber response plan, the report said, and research shows 40 percent of U.S. boards have reviewed their cyber insurance coverage in the past year. The 2017-2018 National Association of Corporate Directors' Public Company Governance Survey showed 60 percent of boards reviewed breach response plans in the past year.