Address
304 North Cardinal St.
Dorchester Center, MA 02124
Work Hours
Monday to Friday: 7AM - 7PM
Weekend: 10AM - 5PM
Phil Muncaster UK / EMEA News Reporter
Rource:https://www.infosecurity-magazine.com/news/cybercrime-costs-orgs-per-minute/
Cyber-insurance providers appear to be limiting policy coverage due to surging costs from claimants, according to a new study from Delinea.
The security vendor polled 300 US-based IT decision makers to compile its latest report, Cyber-insurance: if you get it be ready to use it.
Although 93% were approved for specialized cyber-insurance cover by their provider, just 30% said their policy covered “critical risks” including ransomware, ransom negotiations and payments.
Around half (48%) said their policy covers data recovery, while just a third indicated it covers incident response, regulatory fines and third-party damages.
That may be because many organizations are regularly being breached and look to their providers for pay-outs, driving up costs for carriers. Some 80% of those surveyed said they’ve had to call on their insurance, and half of these have submitted claims multiple times, the study noted.
As a result, many insurers are demanding that prospective policyholders implement more comprehensive security controls before they’re allowed to sign up.