The latest developments in Cyber Investment & Insurance
Cyber insurance coverage by sector
Has Cyber Insurance
Has Cyber Insurance that covers ransomware
88%
Energy, oil/gas and utilities (204)
Premiums on the rise Increases of 100% to 300% not uncommon throughout 2022
62%
continued
88%
Media, leisure and entertainment (164) Business and professional services (480)
66%
Tim Rawlins, Director and Senior Advisor at NCC Group, highlighted just how involved the process to obtain cyber insurance has become in recent years. ‘Underwriters are issuing far more detailed requirements to make better risk assessment[s], which affects the premium.’
87%
68%
Surveys containing upwards of 300 questions are now often required, assessing everything from the type and volume of data held, organisational structure, control maturity, supplier networks and advisors - essentially reviewing the robustness of an organisation’s cyber security posture. Even after overcoming the hurdles of accessing coverage, organisations must fully familiarise themselves with exactly what their premium covers, says Kevin Dunn, NCC Group’s global co-head of professional services. Cyber policies today don’t cover everything they used to, and policies often exclude ransomware pay-outs - a particularly costly aspect of attack.
87%
IT, technology and telecoms (979)
70%
Financial services (547)
86%
72%
Retail, distribution and transport (666)
83%
62%
Manufacturing and production (648)
83%
63%
300%
Other (542)
83%
61%
Construction and property (272)
80%
62%
Public sector (498)
72%
Coverage limits declining
51%
0
20%
40%
60%
80%
100%
Source: Sophos
Remember to consider the cost of insurance coverage alongside your wider control network and indeed over policies. Taking a holistic view will help to see if there are areas of overlap that could be consolidated, or gaps in protection that need addressing. So, amongst a hardening insurance market, increasing barriers to accessing coverage and the recognition that even with cover, there are costs organisations are required to cover, some might ask: is cyber insurance worth it? And the answer is often yes, when you needed it most.
Some companies are seeing limits halved
100%
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