A rise in any price by 92% hurts. That's real cash like money. This is the kind of thing that starts cutting into your whole cyber budget. The Wall Street Journal (WSJ) recently reported, "Many US cyber insurers dramatically increased their rates during 2021, alarmed by a rash of cyber-attacks that struck companies around the world and drew the attention of national governments. Data from regulatory filings and collated by ratings agencies shows that among the largest insurers, direct written premiums rose a whopping 92%, while direct loss ratios fell slightly.”
Insurers significantly increased premiums for cyber coverage over the course of 2021, as a string of high-profile attacks and government action helped boost demand for products, data collected by industry bodies shows. Analysts say that the increase primarily reflects higher rates, rather than insurers significantly expanding the amount of money they are willing to cover.
Cyber insurers are also becoming tougher on would-be clients, demanding security measures such as multi-factor authentication and more sophisticated endpoint protection, brokers say." Cyber researchers have also observed that insurers are often mandating effective security awareness training as a prerequisite to get insured.
So how do you overcome these drastic increases? Getting your employees propely trained is a must in today's cyber world. Basic cyber hygiene needs to be employed. Email remains the number one attack vector that malware is employed. Check before you click. If unsure, use the old method of communication – place a voice call to verify the email communication.
Red Sky Alliance is a Cyber Threat Analysis and Intelligence Service organization and wish to share cyber security views from across the Globe. For questions, comments or assistance, please contact the office directly at 1-844-492-7225, or feedback@wapacklabs. com
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source: https://blog.knowbe4.com/wsj-cyber-insurance-went-up-a-whopping-92-in-2021
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