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As cyber risks continue to rise, more and more people are seeking out insurance coverage in the cyber category. However, with insurers struggling to manage their exposure to claims, there are concerns about the rising costs of premiums for this type of coverage. So what does that mean for businesses? Read on to learn more.
According to the Council of Insurance Agents & Brokers (CIAB), cyber insurance premiums rose by an average of 28% between the first and fourth quarters of 2022. High demand for coverage and a decrease in carriers’ willingness to take on the risk was cited by CIAB as two of the main factors behind the ongoing price rises.
As insurance premiums continue to rise, insurers are taking drastic measures to reduce their exposure to cyber claims. One way they’re doing this is by implementing stricter underwriting standards. This includes requiring the use of various cybersecurity procedures such as multi-factor authentication, automatic updates, and employee training.
According to a report released in early 2021, the United States Government Accountability Office (GAO) expressed doubt about cyber insurance’s continued accessibility and affordability. The survey noted that the rising rate, severity, and economic impact of cyber attacks are all factors in the high cost of cyber insurance.
According to the agency’s study, certain carriers have begun selectively limiting coverage for specific critical infrastructure sectors, which might make it harder for these sectors to get cyber insurance. In other words, insurers are pickier about who and what they cover due to the unknown nature and costs of future threats.
As small businesses face rising premiums and stricter underwriting standards for insurance, many may choose to go without coverage. This can be particularly dangerous for small businesses, as they often have limited resources to protect themselves from cyber threats. In fact, a study by Accenture found that only 14% of small businesses were prepared to defend against cyber attacks, despite 43% of attacks being directed at them.
On the other hand, large companies tend to have more robust security systems and may be eligible for cyber insurance. However, in the face of uncertainty surrounding cyber insurance, all businesses should take proactive steps to improve their cybersecurity.
In the wake of the uncertainty surrounding cyber insurance, businesses need to start taking proactive approaches to cybersecurity. While it is impossible to prevent breaches completely, companies can take measures to implement cyber risk management practices. These include things like:
Stay Protected from Cyber Attacks With A Trusted Cybersecurity Partner
If you are ready to get proactive about your cybersecurity solutions, consider working with a reputable cybersecurity company that can supply you with the most up-to-date and effective protection methods. You can significantly aid your company’s continued safety from cyber attacks by working with a cybersecurity partner who can evaluate your current state of security and recommend and implement appropriate safeguards.
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