“Delinea, a leading provider of Privileged Access Management (PAM) solutions for seamless security, today published a new report showing that cyber insurance not only has become ubiquitous, but more than half of companies that have leveraged their coverage have used it more than once. As a result, insurers are pulling back on covering what is most needed, with only about 30% of organizations saying their policy covers critical risks including ransomware, ransom negotiation, and decision on ransom payment.”
The survey also has insights on WHY companies are buying cybersecurity insurance: “While risk reduction is the main reason for applying (40%), one-third (33%) of respondents claimed that it was also due to requirements from executive management and Boards of Directors, and 25% cited recent ransomware incidents as a primary decision driver. Given the pressure coming from the top, it’s therefore no surprise that 93% received the budget required to purchase their cyber insurance policies even as 75% of respondents said premiums increased in their last renewal.”
Source: Report: Nearly 80% of Companies Used Their Cyber Insurance