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The Hanover’s Cyber Risk Report

A new study commissioned by The Hanover Insurance Group.
April 29, 2020

The majority of business decision-makers are insured against traditional cyber risks such as breaches of personal information, but are vulnerable to emerging risks like ransomware, according to a new study commissioned by The Hanover Insurance Group.

Most businesses surveyed by The Hanover’s Cyber Risk Report, conducted in conjunction with Zogby Analytics, said they had purchased cyber insurance, with more than 70% saying they had purchased a policy on the recommendation of an independent insurance agent. Respondents’ purchasing decisions were also largely driven by media coverage and prior attack experience. Nearly 90% of respondents reported experiencing a cyberattack during the past year.

Having the appropriate cyber protection will only become more important as new technologies emerge, businesses become more connected and cyber criminals develop more sophisticated methods,” said Bryan J. Salvatore, president of specialty insurance at The Hanover. “As businesses grow in complexity, the advice of an independent agent becomes increasingly important in helping business owners understand the many risks they may face and mitigate those evolving threats.”

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