The state of cybersecurity feels volatile. Despite massive worldwide spending on risk management to the tune of $150 billion, cyber attacks keep happening. Ransomware attacks doubled in 2021, with average ransomware recovery costs doubling to $1.85 million and average downtime increasing to 22 days. Within the next few years, nearly half of companies worldwide will experience cyber attacks on their software supply chains. As companies scramble to respond to exploding cyber incidents and a massive threat landscape, they’re looking for cyber insurance coverage to protect themselves.
But cyber insurers are responding to these industry challenges too. Many are rethinking their underwriting decisions altogether. The result? Stricter underwriting standards, tighter coverage expectations, increased premiums, and more denied applicants.
As companies look to gain or expand their cyber coverage and negotiate premiums, they need to effectively demonstrate their risk profile to insurers. By improving their cybersecurity strategy and showcasing the effectiveness of their program, companies have a better chance to get the right cyber insurance coverage at an ideal premium.
Download this webinar learn about:
- A cyber insurer’s strategy to underwriting policies
- The top 10 concerns that cyber insurers have
- How to strengthen your security posture to influence coverage