The study, titled “Managing Cyber Security as a Business Risk: Cyber Insurance in the Digital Age” and conducted by Experian Data Breach Resolution and the Ponemon Institute, reported that 41 percent of large businesses (those with 500-plus employees) believe cyber security risks are greater than other insurable business risks such as natural disasters, business interruption and fires. Despite growing concerns over cyber security, the study also found that less than one-third of respondents (31 percent) have purchased cyber insurance coverage, according to the study, However, those firms that do not currently have insurance coverage – more than half of all survey respondents (57 percent) – indicated they plan to purchase cyber security coverage in the near future. Of the 56 percent of respondents that had breaches, the average cost of these incidents was reported at $9.4 million in the last 24 months.