January 25, 2024 By Ian Barker
A new report shows that as the severity and sophistication of cyberattacks has increased along with the financial consequences, many companies have been prompted to invest in or review their cybersecurity insurance.
The study of over 600 IT security professionals, conducted by the Ponemon Institute for Recast Software, shows 41 percent say their organization has experienced an increase in the number of cybersecurity incidents in 2023, 61 percent say the total cost of these attacks had averaged $21 million, and 75 percent say their cybersecurity exposure would increase or at best stay the same in the coming year.
The requirements of insurers do have a positive impact on security policy, 49 percent of respondents say that following the purchase of cybersecurity insurance their security posture had improved greatly or significantly. However, 48 percent say they have changed insurance companies due to policy cancellation (25 percent), cost (21 percent), or finding a company that offered better coverage and pricing (18 percent).
