Our headline is a bit sarcastic, but it captures the findings of a survey covering more than 300 enterprises by Delinea, a provider of Privileged Access Management (PAM) solutions. The report provides insights on cyber insurance cost and time required to get a policy.
The survey reports that almost 80% of companies saw their cyber insurance premiums jump over the past year, with 67% enduring facing an increase of >50%. Meantime, it’s taking longer to get cybersecurity insurance — the percentage of respondents that needed more than six months to get insurance rose from less than 1% last year to 7% in 2023.
One statistic from the survey may indicate why costs and time are up: 47% of respondents say they used their cyber insurance more than once over the past year.
“’Over the past year, it’s become evident that cyber insurers are learning from their data and are now maturing. In the early days of cyber insurance, they were just trying to address a huge demand, but now they realize they must reduce their own exposure to both avoidable and uncontrollable circumstances,’ said Joseph Carson, Chief Security Scientist and Advisory CISO at Delinea. ‘Our survey results find that most organizations are not approaching cyber insurance with the same diligence – they are simply looking to get covered. What they’re not checking is whether the policy they had last year is what they need now, or if their policy changed at renewal. This ‘cyber insurance gap’ could put a lot of organizations in a tough place when a cybersecurity incident occurs, and they want to utilize this financial safety net.’”
See more and get the useful report here.