Only 2% of large British firms have separate insurance against cyber attack as per the current reports. But a survey was conducted among 300 US based IT decision makers by Censuswide.
The survey shows- nearly 80% of companies have had to use their Cyber insurance and some of them even accessed it for multiple times. Due to this insurers are pulling their socks to cover the track of much needed requirements including ransomware, ransom negotiation, and a decision of ransom payment.
Joseph Carson, chief security scientist and advisory at CISO at Delinea claims that insurers are putting boundaries towards financial payouts for cyber incidents such as resonance attacks . He stated “ “The shock from this latest research is how so many organizations who have obtained cyber insurance have need to use it and again half of those multiple times,” he said. “It is almost like continuously crashing your car and not learning from the first one on how you are going to change prioritizing prevention.”
While analyzing approval rate for Cyber Insurance- 70% organizations have filed for claiming a cyber insurance policy among which only 93% of companies were selected. For 65% of them it took a period of three months to get processed. First step in for this to reduce their chances of risk and seek for risk management but 1/3rd of them did it for executive management demanded by the directors onboard and 25 % of them took this option after detecting ransomware incidents.
Overall 93% received the desired budget to claim their Cyber insurance and 75% of firms increased their premiums from the last one.
24% of this had business contract requirements and recent date breaches by 17% to ensure that the firm had a policy of date recovery, incident response coverings, regulatory firms towards damages.
Before providing cyber insurance, training for cybersecurity awareness is provided to skill employees about malware protection, antivirus software, multi factor authentication, and back up data .
42-43% firms claimed that they met this way to acquire additional solutions for their company. MSSP’s and cybersecurity insurers serves basic requirements for cybersecurity before providing firms with actual agreement based insurance.