The proliferation of cyberattacks in 2020 and 2021 were a shock to the cyber insurance industry. Claims frequency and severity skyrocketed, and losses often far exceeded actuarial limits.
Demand for cyber insurance continues to increase as more companies try to offset their risk. Meanwhile, insurers are recoiling from overexposure; it’s been widely reported that carriers are raising rates and requirements.
In this environment of uncertainty and change, Delinea wanted to understand the real-life experiences of companies which have obtained and used cyber insurance. We surveyed over 300 IT security professionals from across the United States to see what types of challenges they’ve experienced, and how they’ve put their cyber insurance to use.
Among the findings, three key takeaways stood out.
- What the Board wants, the Board gets.
- Your policy will get a workout, but it may not cover what you need.
- Policy requirements try but fail to prevent attacks.
No matter how many security controls and technology solutions you have in place, you can never eliminate risk. The question isn’t whether a cyberattack is going to happen. The real question is: Can you mitigate the effects and get back to normal operations as quickly as possible when it does?
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This article is posted at delinea.com
