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More Firms Racking Up Return Trips on Cyber Insurance

As information security incidents continue to proliferate, cyber insurance providers may want to hand out punch cards.

delineaAccording to a new survey by security software vendor Delinia, 47% of organizations said this year that they have used their cyber insurance multiple times. That’s up from 41% last year, Channel Futures reports.

Conducted on Delina’s behalf by market research consultancy Censuswide, the U.S.-based survey includes online responses in June 2023 from 300 leaders with visibility into their organization’s cyber insurance application or renewal process. Cyber insurance also appears to be growing more expensive: 67% of respondents indicated that their cyber insurance rates rose from 50% to 100% in the last 12 months, as SiliconAngle notes.

And then there are the exclusions. Survey respondents said the following items would make their policies void:

  • 43% said that a lack of security protocols
  • 38% said human error
  • 33% said an act of war would

A third also cited a failure to follow proper compliance procedures as an exclusion in their policies.

For some organizations, the time it takes to obtain cyber insurance can be considerable. According to Delinea’s survey, 7% of respondents said that it took more than six months to get their coverage, up from 0.46% in 2022.

As CSO reports, according to separate Forrester research, a majority of enterprise security technology decision-makers said they have cyber insurance coverage in some form, but just 26% reported having a standalone policy. Plus, according to Forrester’s research, 70% of enterprises with cyber coverage said their insurer forced them to pick from their list of service providers.

Theresa Le, chief claims officer at cyber insurance provider Cowbell, told InfoSecurity regarding the Delinea research, “Businesses should opt for insurers that include a risk assessment of the organization with the goal to remediate identified security weaknesses prior to quoting.”

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