More than ten different factors kept mid-sized companies in the United States from buying a stand-alone cyber insurance in 2019. The most common reason was because coverage is already included in other standard policy and liability policies, as stated by 43 percent of respondents to a survey. However, this question was only asked of respondents who did not purchase a stand-alone cyber insurance policy; among all respondents the most common reason was the high cost, with 41 percent of overall respondents citing this as a reason.
Reasons for not purchasing stand-alone cyber insurance at middle market companies in the United States in 2019
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Executives responsible for purchasing insurance at middle market companies*
Supplementary notes
This question was phrased by the source as follows: "Why hasn't your company purchased a stand-alone cyber insurance policy? (Check all that apply)" Multiple answers were possible.
* Middle market companies are defined by the source as companies generating more than 250 million U.S. dollars but less than one billion U.S. dollars in annual revenue.
** Only asked of respondents who did not purchase stand-alone cyber insurance, which amounted to 45 percent of the total respondents.
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Deloitte. (March 16, 2020). Reasons for not purchasing stand-alone cyber insurance at middle market companies in the United States in 2019 [Graph]. In Statista. Retrieved July 18, 2024, from https://www.statista.com/statistics/1184736/reasons-not-purchasing-cyber-insurance-middle-market-companies-us/
Deloitte. "Reasons for not purchasing stand-alone cyber insurance at middle market companies in the United States in 2019." Chart. March 16, 2020. Statista. Accessed July 18, 2024. https://www.statista.com/statistics/1184736/reasons-not-purchasing-cyber-insurance-middle-market-companies-us/
Deloitte. (2020). Reasons for not purchasing stand-alone cyber insurance at middle market companies in the United States in 2019. Statista. Statista Inc.. Accessed: July 18, 2024. https://www.statista.com/statistics/1184736/reasons-not-purchasing-cyber-insurance-middle-market-companies-us/
Deloitte. "Reasons for Not Purchasing Stand-alone Cyber Insurance at Middle Market Companies in The United States in 2019." Statista, Statista Inc., 16 Mar 2020, https://www.statista.com/statistics/1184736/reasons-not-purchasing-cyber-insurance-middle-market-companies-us/
Deloitte, Reasons for not purchasing stand-alone cyber insurance at middle market companies in the United States in 2019 Statista, https://www.statista.com/statistics/1184736/reasons-not-purchasing-cyber-insurance-middle-market-companies-us/ (last visited July 18, 2024)
Reasons for not purchasing stand-alone cyber insurance at middle market companies in the United States in 2019 [Graph], Deloitte, March 16, 2020. [Online]. Available: https://www.statista.com/statistics/1184736/reasons-not-purchasing-cyber-insurance-middle-market-companies-us/
