Most of the findings in our latest research paper on cybersecurity are not surprising. The survey confirms your expectations: demand for cyber insurance policies is high and cyber insurance prices are rising.
Another discovery on the
map surprised me. At
Delinea, we conduct cyber insurance analysis to explore the decision-making process of businesses seeking and deciding to use cyber insurance.
This report, “Is cyber insurance worth it?”
Cyber Insurance Research Results
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Cyber Insurance Research Report
You can find all the details of the report here.
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Surprises Beyond Cyber Insurance Statistics
80% of businesses use cyber insurance. Half used at least twice.
This is the first statistic that gave me pause.
If the percentage of insured is like security, what does this number say about the state of cybersecurity? It reinforces the fact that “when” a cyberattack will happen and “how” it will return, not whether it will happen.
Cyber insurance does not protect your business from cybercrime any more than car insurance cannot protect you from an accident. This is the only financial guarantee that helps your organization recover faster from a cyber incident.
Security measures can of course reduce your risk, but security measures will help you detect and contain cyber attacks before they grow and cause damage. I’m talking about a disaster that requires you to notify your cyber providers, regulators, customers and partners that you have been breached.
Double-check your cyber insurance policy before agreeing to a plan
There is a lot of confusion when it comes to shopping for cyber protection – many business leaders have more questions about cyber insurance than answers. In fact, many businesses engage in cyber insurance without realizing the consequences.
Cyber insurance coverage varies by provider. A cyber insurance policy usually covers damage and recovery costs following a ransomware attack, data breach, or other cybersecurity issue. Purchasing cyber insurance protects against the costs associated with investigations, investigations, lawsuits, and fines. Protects your business from ransomware – even though the FBI warns businesses not to pay for ransomware in the first place.
Here comes the point.
More than 50% Say Their Policies Don’t Cover Basic Needs
According to our survey, more than 50% of respondents said their policies don’t cover basic needs like ransomware recovery and data recovery. This indicates that you should pay attention to your insurance policy. Do not think to get a true picture of your cyber protection, show your policy for the highest risk and most likely attack situations.
Crazy Thoughts on How to Use Cyber Insurance
The results of the report suggest that working people are educated and struggling to get the funding they need for cybersecurity solutions. As a result, cyber insurance can present unexpected options to the person.
The report shows that managers and executives are willing to pay for cyber insurance. For most organizations, cyber insurance claims come straight from the top. They seek insurance coverage even if costs rise, which could cut their technology purchases and hiring.
The good news is that some cybersecurity insurances cover software security after an attack, even if it’s suspicious.
While it’s not always possible to secure funds to purchase technology and hire experts as a CISO, you can lead management and board cyberinsurance to access critical resources.
If your company is struggling to budget for security tools, it may be reasonable to expect something bad to happen! (Definitely not a good choice for IT and security administrators who want to stay one step ahead of attackers).
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Additional Findings from the Delinea Report
Here are some additional findings from the Delinea Cyber Insurance Report.
Cyber Insurance Shield Token Fast transaction
Although buying cyber insurance is not an overnight process, it is still very fast. Most companies take out cyber insurance within three months. If you want to play an important role in cyber insurance, start planning now.
Delinea’s Cyber Insurance Readiness Checklist can help.
CyberInsurance Shop IconCarriers stand up
The cyber insurance landscape is changing as carriers make it harder for companies to get insurance. Insurance companies inflated rates and claims in an effort to increase profits and improve accuracy. As business owners optimize their strategies, you should too. In order to get the best service at the lowest price, it is important to know the largest companies and stores at the best price.
Cyber Insurance Policy Icon Not All Cyber Insurance Standards Are Equal
When you research cyber insurance coverage, you will find that carriers have policies and different models. For example, some require a simple self-assessment, while others need extensive help to qualify. In fact, only 35 percent of cyber insurance policies require effective access management (PAM), an important strategy for restricting access to sensitive data.
When shopping for cyber insurance, it’s time to evaluate your cybersecurity strategy, identify areas where your business is vulnerable, and figure out how you can improve your security.