FICO Survey: More Than 4 Out of 10 Swedish Companies Lack Cybersecurity Insurance

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FICO

21 Aug, 2018, 06:00 GMT

STOCKHOLM, Aug. 21, 2018 /PRNewswire/ --

Highlights:

  • 43 percent of Swedish executives surveyed say their firm has no cybersecurity insurance, compared to the 24 percent average of all 11 countries surveyed
  • Only 36 percent of Swedish firms surveyed have cybersecurity insurance that covers all risks
  • Nearly 1 out of 3 respondents who have cyber insurance said it is not based on an accurate assessment of their firm's individual risk
  • Ovum conducted telephone surveys for FICO of security executives at 500 companies in Sweden and 10 other countries

The number of Swedish firms without cybersecurity insurance is higher than other countries, shows a new cybersecurity survey from research and consultancy firm Ovum, for Silicon Valley analytics firm FICO. The survey found that the number of Swedish firms reporting to have no cybersecurity insurance is 43 percent. And among those who lack cybersecurity insurance, a full 18 percent also have no plans to take one out in the future.

"As there has been a number of large-scale breaches in the last year that have proven costly to those affected, we are surprised at the number of companies in Sweden that are yet to sign up for cybersecurity insurance, not least given the country's position as a mature digital society," said Steve Hadaway, FICO general manager for Europe, the Middle East and Africa.

More information: http://www.fico.com/en/latest-thinking/ebook/the-nordics-views-from-the-c-suite-survey-2018

Of those who do have cybersecurity insurance, the survey shows that only 36 percent state it covers all likely risks. Furthermore, 31 percent believed their insurer based their premiums on an inaccurate analysis of their risk profile.

Ovum conducted the survey for FICO through telephone interviews with 500 senior executives, mostly from the IT function, in businesses from the UK, the US, Canada, Brazil, Mexico, Germany, India, Finland, Norway, Sweden and South Africa. Respondents represented firms in financial services, telecommunications, retail and ecommerce, and power and utilities.

Last month, FICO announced that it is offering free subscriptions to the Portrait portal of the FICO® Enterprise Risk Suite, which gives businesses access to their FICO® Enterprise Security Score. The score, a machine learning-based cybersecurity rating service, can show organizations how business partners and cyber insurance underwriters see their network security, and can help them benchmark their performance. More information is at http://securityscore.fico.com.

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 185 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 100 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at http://www.fico.com

FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

About Ovum

Ovum is a market-leading research and consulting firm focused on helping digital service providers and their vendor partners thrive in the connected digital economy. Through its 150 analysts worldwide, it offers expert analysis and strategic insight across the IT, telecoms, and media industries. Founded in 1985, Ovum has one of the most experienced analyst teams in the industry and is a respected source of guidance for technology business leaders, CIOs, vendors, service providers, and regulators looking for comprehensive, accurate, and insightful market data, research, and consulting. With 23 offices across six continents, Ovum offers a truly global perspective on technology and media markets and provides thousands of clients with insight including workflow tools, forecasts, surveys, market assessments, technology audits, and opinion.

Ovum is part of the Business Intelligence Division of Informa plc, a leading business intelligence, academic publishing, knowledge and events group listed on the London Stock Exchange. https://ovum.informa.com/

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