Kathmandu. Insurance companies and wealth managers around the world are spending more on cybersecurity and focusing more on it at board level.
The report, based on a new survey of 102 companies by Moody’s Ratings, found that most insurance companies and asset managers are now assigning cybersecurity oversight to senior executives. “Almost all maintain multi-year cyber risk strategies,” the report said.
Nearly 40 percent of respondents said CEOs are now connected to cybersecurity performance. That was 24 percent in 2023.
According to the report, cybersecurity spending is increasing. “Nearly half of the companies surveyed have allocated more than 8% of their total technology budget to cyber resilience in 2025,” the report said, up from 45% in 2024. ’
Nearly half of companies plan to hire more cybersecurity staff in the coming year. Training and governance have improved. Nearly two-thirds of companies are conducting monthly cybersecurity training sessions, and 96 percent are providing regular CEO briefings.
About one-third of companies now have dedicated cybersecurity committees on their boards. As cyberattacks increasingly target supply chains, third-party risk management has become a major focus.
More than 91 percent of respondents said they have formal third-party cyber risk programs. Almost everyone assesses the cyber risk of software providers.
The study also found that AI governance frameworks are being adopted. About 84 percent of companies are presenting formal policies to regulate the use of AI tools.
Cyber insurance coverage varies widely depending on the area. About 90 percent of firms in the US have standalone cyber insurance policies. It is 63 percent in Europe and 38 percent in Asia-Pacific.
Although premiums have been declining in recent years, 24 percent of respondents expect higher prices for renewals. While all plan to maintain or increase the coverage limit.
Moody’s said the findings reflect the sector’s efforts to strengthen governance, invest in talent, and manage the growing risks associated with digital transformation.
