"Orgs Adopt Healthcare Cybersecurity Tech to Keep Cyber Insurance Premiums Down"
According to a survey conducted by Imprivata conducted by WBR Insights, healthcare cybersecurity leaders reported using multi-factor authentication (MFA), identity and access management (IAM), and privileged access management (PAM) solutions to reduce the likelihood of a cyber insurance premium hike. The inability to maintain cyber insurance was one of the top-ranked security concerns among respondents in 2022, along with the risk of non-financially motivated cyberattacks and internal security breaches. Of the respondents, 39 percent stated that investing in cyber insurance was one of their top priorities for the year. According to Index Market Research, the global cyber insurance market will be worth approximately $22.5 billion by 2030. Cyber insurance had a market value of $4.3 billion in 2018. However, the increased demand for cyber insurance, as well as an increase in cyberattacks and data breaches, have resulted in higher insurance costs, according to a 2021 US Government Accountability Office (GAO) report. Seventy percent of survey respondents whose organizations already had cyber insurance reported that their premiums had increased by 11 to 50 percent in the previous year. As insurers weigh the risks of providing coverage to an industry constantly facing data breaches and cyberattacks, the cost of cyber insurance continues to rise alongside cyber risk. To keep premiums from rising, 56 percent of organizations with cyber insurance policies said they implemented an MFA solution, and 54 percent said they had developed an IAM strategy. Only 40 percent of respondents reported using a PAM solution, and slightly more than a third said they had implemented more stringent password policies. This article continues to discuss key findings from Imprivata's survey of 200 security leaders at healthcare companies across the US and UK.