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Is it Time to Update Your Cyber Insurance Strategy?

Security Boulevard

If anything, 2020 was about preparing for – well, everything. In 2021, rethinking your cyber insurance strategy should be a top priority for CISOs and executive leadership. The elevated risk landscape is driving growing demand for cyber insurance: Nearly four out of five organizations.

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Cyber Insurance: The Good, the Bad, and the Ugly

IT Security Guru

Enter cyber insurance. We insure almost everything – our homes, our cars, even our lives. At first glance, it seems odd that most businesses don’t insure against something as potentially devastating as cybercrime. Cybersecurity professionals remain divided as to the future of cyber insurance.

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The future of cyber insurance

IT Security Guru

Cyber insurers are losing money. Their loss ratios – total claims plus the insurer’s costs, divided by total premiums earned – are now consistently above 60%, which presents something of an existential threat to the insurance industry, making cyber risk a potentially uninsurable area due to falling profitability.

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Buying cyber insurance in 2021? Expect greater scrutiny, higher premiums

CSO Magazine

Organizations will face significant challenges in purchasing, renewing, and benefitting from cyber insurance policies this year as various factors drive the sector towards a stricter, more specialized position, global specialists in law, risk, and cybersecurity predict.

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Top 8 Cyber Insurance Companies for 2022

eSecurity Planet

That’s where cyber insurance may be able to help. For that reason, most experts now recognize that a complete cybersecurity strategy not only includes technological solutions aimed at preventing, detecting, and mitigating attacks, it should also include cyber insurance to help manage the associated financial risks.

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Scant evidence that cyber insurance boom is leading to better security

SC Magazine

The rise of the cyber insurance has largely failed to promote better cybersecurity practices among the industries they cover, according to a new report released Monday from British security think tank RUSI. Photo by Spencer Platt/Getty Images). But recent research shows that’s not happening.

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Decline in ransomware claims could spark change for cyber insurance

CSO Magazine

Could such variations trigger changes in the cyber insurance market and, if so, how will they impact insurance carriers and organizations? It discovered that while there was a rise in ransomware claims from Q2 2020 through Q1 2021, they dropped by 50% in Q2 2021, a trend that largely sustained through Q3 2021.