Key facts
- 67% of surveyed banks insure their exposure to information security risk.
- Banks are actively negotiating lower insurance costs.
- Institutions are seeking ways to offset Pillar 2 capital requirements through insurance.
A recent study by Risk.net's Operational Risk Benchmarking program reveals that while a significant majority of banks, specifically 67% of the 46 institutions surveyed, insure their exposure to information security risks, they rarely make claims on these policies. The study also indicates that these large banks are actively negotiating the cost of their cyber insurance coverage and are looking for ways to use these policies to offset their Pillar 2 capital requirements.