Huntsman Security has warned that the number of firms either unable to afford cyber insurance, be declined cover, or experience significant coverage limitations is set to double in 2023.
Even for those insured, ongoing attacks, tightening regulations and growing financial pressures are making it more likely that any attack on an organisation will leave it exposed.
With the cost of cyber insurance rising by 102% in the first three months of 2022, and stats revealing that around one third of UK firms are currently being hit with cyber-attacks at least once a week, insurance is crucial.
To bridge the gap insurers are seeking to improve the quality of risk information, so premiums better reflect the true cost of that risk.
Unless organisations can demonstrate they have insurers’ specified controls in place to manage their security risks, insurers will continue to have difficulty quantifying that risk.
Because of this, insurers have changed the basis upon which their products are offered to reflect the risk being underwritten more…
