The Cyber Insurance Market Is Growing - So Are The Requirements to Access It

A recent survey from cybersecurity vendor Netwrix sheds some light on some interesting trends in the growing cyber insurance market, as well as some of the requirements that companies and other cyber insurance seeking organizations have had to satisfy in order to obtain it. 

The survey polled more than 16 hundred cybersecurity and IT professionals around the globe and gathered information about their organizations’ cyber insurance policy status and related issues they may have encountered.

Cyber Insurance Market By The Numbers

• Almost 6 in 10 surveyed companies currently have cyber insurance coverage or intend to obtain cyber insurance coverage within the next year.
• 44% of respondents claim the organizations for which they work are currently covered under an existing cyber insurance policy; and
• 15% of respondents reported that they expect to have a cyber insurance policy in place within 12 months.

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In many cases, organizations that are seeking cyber insurance policies are required by the insurer to meet certain prerequisite cyber security standards before a policy can be issued. Many insurers will also offer better rates and/or discounted policies for companies that adopt additional cyber security measures beyond the minimum prerequisite standards, as well.

Cyber Insurance Prerequisites By The Numbers

• 63% of respondents’ organizations were required to implement multi-factor authorization in order to obtain cyber insurance coverage;
• 55% of respondents’ organizations were required to implement patch management protocols in order to obtain cyber insurance coverage;
• 47% of respondents’ organizations were required to institute some kind of additional, ongoing cyber security training program for employees in order to obtain cyber insurance coverage;
• 38% of respondents’ organizations were required to make changes to their identity and access management systems/processes in order to obtain cyber insurance coverage; and
• 36% of respondents’ organizations were required to implement privileged access management controls in order to obtain cyber insurance coverage.

You can read more about this survey and the cyber security insurance market here.