"Report Reveals Growing Disparity in Cyber Insurance Landscape"

According to security researchers at Delinea, there is a growing disconnect between carriers and enterprises seeking robust coverage.  Insights from 300 US organizations highlighted an escalating trend: securing cyber insurance is increasingly challenging, with more firms requiring over six months for policies.  The survey sought to identify shifting patterns since last year’s analysis.  The researchers stated that companies making multiple claims surged to 47%, while 67% of respondents reported insurance premiums surging by 50–100% during application or renewal.  The researchers also found that there is a growing list of exclusions that could potentially render cyber insurance coverage null, encompassing factors such as inadequate security protocols (43%), human errors (38%), acts of war (33%) and non-adherence to compliance procedures (33%).  The researchers noted that even organizations that succeed in procuring or renewing policies may face claim denials or reductions due to intricate policy stipulations.  The researchers stated that security controls are important given the prevalence of cyberattacks stemming from compromised credentials.  Approximately 51% of respondents indicate Identity and Access Management (IAM) controls as policy requisites, closely followed by 49% citing Privileged Access Management (PAM).  With cyber insurance shaping up as a strategic imperative, the researchers noted that organizations are also aligning budgets: 50% invested in IAM solutions, 45% procured password vaults, and 44% acquired PAM controls to fortify their coverage.

Infosecurity reports: "Report Reveals Growing Disparity in Cyber Insurance Landscape"