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As cyber insurance premiums continue to climb, insurance providers are getting increasingly selective about who and what they’ll cover.
Cyber criminals are only getting better—a fact reflected in their increasingly sophisticated attacks. And with the heightened frequency, scale and impact of these attacks comes higher cybersecurity insurance premiums for many businesses. Many organizations are finding that the cost of cyber insurance has increased dramatically in the past few years.
But premiums aren’t the only costs that are rising. The price of admission to even be considered for coverage is going up as well. If a business wants to qualify for cyber insurance, there are several security controls they need to have in place before an insurance company will consider underwriting the policy:
These are the five controls that are most important to insurance companies right now. In the coming years however, organizations can expect these additional controls to come into play:
Going forward, businesses can expect the cyber insurance landscape to remain pricey and more difficult to obtain the desired coverages. Given the cost and frequency of today’s cyber-attacks, more companies are looking to outsource some of the risks as part of their mitigation strategy. Continuously monitoring and investing in their cybersecurity postures can help organizations improve their chances of obtaining the cyber coverages they desire.
About Schneider Downs Cybersecurity
The Schneider Downs cybersecurity practice consists of experts offering a comprehensive set of information technology security services, including penetration testing, intrusion prevention/detection review, ransomware security, vulnerability assessments and a robust digital forensics and incident response team. For more information, visit www.schneiderdowns.com/cybersecurity or contact the team at [email protected].
In addition, our Digital Forensics and Incident Response teams are available 24x7x365 at 1-800-993-8937 if you suspect or are experiencing a network incident of any kind.
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