American Property Casualty Insurance Association
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Contact:

Eileen Gilligan

Phone:

202-639-0497

Email:

Eileen.Gilligan@pciaa.net

 

 

FOR RELEASE ON RECEIPT

March 17, 2014

PCI Research Shows Executives Concerned About Cyber Security and Terrorism

 

WASHINGTON – The Property Casualty Insurers Association of America (PCI) today released research that shows cyber security is considered a critical part of a risk management strategy.

PCI commissioned a surveyed of 622 IT security executives who are familiar with their company’s cyber security or enterprise risk mitigation activities.

 “The threat of terrorism continues to grow. In addition to traditional terrorism, cyber terrorism is also a high level threat to our country’s national security,” said Marguerite Tortorello, PCI’s senior vice president, public affairs. “Our research shows an overwhelming majority of the executives surveyed agreed that a large-scale cyber attack against the country could have catastrophic or significant consequences to their companies’ business operations as well as the national economy. The risk managers and executives also agree that a plan is an essential part of their company’s risk management strategy.”

A vast majority (85%) of the executives surveyed are worried about the possibility of a terrorist attack happening in the US in the next few years and 82% are concerned the attack could have a negative impact on the economy and significantly impact their business operations.

The Terrorism Risk Insurance Act protects taxpayers from most of the cost of terrorism losses. It helps the economy recover and ensures large construction projects can be built in a timely, cost effective manner after an attack occurs which would help keep the economy stable and provide jobs. The current TRIA program expires at the end of the year. The study highlights the importance of TRIA.

 “TRIA is a fiscally responsible and effective national security plan that protects our country’s economic resiliency. It is better to have a plan in place before the next catastrophe to provide assistance to affected businesses and ensure economic stability. PCI urges Congress to reaffirm its support for TRIA,” concluded Tortorello.

The study, “Cyber Catastrophes: Understanding the Risk and Exposure” is attached. The Ponemon Institute conducted the survey in January 2014.

Ponemon Institute is dedicated to independent research and education that advances responsible information and privacy management practices within business and government. The Ponemon Institute mission is to conduct high quality, empirical studies on critical issues affecting the management and security of sensitive information about people and organizations.

PCI is composed of more than 1,000 member companies, representing the broadest cross-section of insurers of any national trade association. PCI members write over $195 billion in annual premium, 39 percent of the nation’s property casualty insurance. Member companies write 46 percent of the U.S. automobile insurance market, 32 percent of the homeowners market, 37 percent of the commercial property and liability market, and 41 percent of the private workers compensation market.

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