Surge in ransomware attacks and the complex cybersecurity landscape – complicated by the growing adoption of remote work – are giving cyber insurance companies leverage to hike premiums at alarming rates. Here are three strategies to help you find keep costs affordable and get approved for coverage you need.
Requirements by insurers to implement security controls are already on the rise as 80% of cyber insurance policyholders have filed a claim and 50% have filed more than one.
Given that compromised credentials are a leading cause of cyber attacks, many cyber insurance underwriters are looking for robust privileged access management (PAM) and multifactor authentication (MFA) controls before pricing out their policies.
2021 was the year of ransomware, with attacks almost doubling in 2020. Cyber insurance providers, reeling from an historic couple of years, are maturing their qualification processes and raising the bar for pay-outs, so businesses can no longer rely on insurance alone as a protection and recovery strategy.
Only 55% of the organizations surveyed are carrying any cyber insurance at all. And of those that are insured, just under 20% have more than $600,000 in coverage; not enough to meet the usual ransomware payment, let alone the potential cleanup costs.
By the end of 2021, 98% of companies were experiencing increases in cyber insurance costs. It has never been more important for businesses to demonstrate to insurers the efforts made to combat the cyber threat.
Cyber insurance has become fiendishly difficult and extremely expensive to secure and maintain. Businesses looking to obtain cyber insurance would be wise to adhere to the principles of Zero Trust Architecture (ZTA).
Factoring External Attack Surface Management (EASM) into the equation means the math is clear for all. Insurance companies can better justify premium prices, while companies can demonstrate their cyber posture when applying for cybersecurity insurance.
Cyber insurance providers wants policyholders to increase their cyber resilience. A thorough incident response strategy that leverages digital forensics can help enterprises ensure they have the means to protect themselves even after an attack has occurred.
By improving your overall security profile and demonstrating a low risk profile, you’ll be able to negotiate lower cyber insurance premiums and enjoy long-term savings.