Arceo collected one of the first sets of quantitative data on how CISOs’ priorities have changed since the start of many businesses moving to work from home. With our research partner, Wakefield Research, we surveyed 250 CISOs at companies with $250M to $2B in annual revenue after COVID started in April and May 2020. We asked them about their current and changing approach to cybersecurity risk management.
Many CISOs are expressing that they need more options for cybersecurity insurance - but they aren’t getting it. Almost four-in-five (77%) reported that there are incidents they feel they need coverage for, but that they are unable to get it.
Now more than ever it seems CISOs seem to be concerned about disruption to continuity, which is a greater risk as staff work from home. More than half of CISOs want cyber insurance to cover business email compromise (56%), loss of electronic data (55%), cyber extortion (53%), and ransomware (52%).
Nearly half of all CISOs (48%) report they have experienced a security breach in the past. Moreover, insurers and brokers need to step up and are likely in a position to play a bigger role in the prevention and the aftermath of a breach because nine in 10 CISOs are open to purchasing cybersecurity tools along with the cyber insurance from the same company.