Finance executives at the world’s top companies are wrongly assuming significant cyber risks are covered by their insurance, according to an FM Global survey which reveals a false sense of security at companies’ most senior levels.

Seven in 10 senior financial executives surveyed believe their policy will cover most of their losses from a cyber-attack when in fact, many of the losses are rarely covered by insurance, mutual insurer FM Global says.

The findings, based on the responses of 105 financial executives, show 45% expected their insurer will cover “most” related losses from a cyber security event, and 26% expected their carrier will cover “all” related losses.

FM Global says cyber-attack fallout that isn’t typically covered by insurance policies includes degradation of the company’s brand, increased scrutiny from the investment community, a fall in revenue, regulatory compliance problems and a decline in market share and/or share price.

Despite this, a quarter to just under a half of executives surveyed incorrectly expected their insurance would cover each of these damages.

“There are losses related to a cyber-attack that insurance cannot cover — like damage to a company’s reputation, lost market share, missed growth opportunities, decreased valuation, and losses stemming from increased cost of capital,” said Kevin Ingram, Executive Vice President and Chief Financial Officer at FM Global.

“That’s why we’re so committed to helping our clients prevent loss in the first place.”

Many new costs — including expenses related to restoring data or equipment — are covered by first-party cyber insurance or property insurance, and litigation and customer notification costs would be covered by third-party insurance.

But the rest of the listed costs in the study would likely have to be absorbed by the victim company, FM Global says.