Cyberinsurance: More Expensive, Less Coverage
September 27, 2023
Cyberinsurance Sticker Shock
We’ve been watching cyberinsurance get more and more expensive over the years. Perhaps in the wake of the extraordinary number of data breaches in 2023 (both small and large organizations), it is no wonder that a recent survey showed that respondents report an increase in insurance rates of 50-100% upon initial application or renewal.
Ouch. You must also prepare yourself for an ordeal of six months or more to obtain or renew cyberinsurance.
The August 2023 report from Delinea caused a lot of eyebrows to go up. Almost 80% of survey respondents have used their cyber insurance policy. Half of them needed to use it multiple times. That’s more than a little blip!