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
This article is posted at delinea.com
Please fill out the form to access the content
