Magazine Button
Delinea report reveals that nearly 80% of companies have had to use their cyber insurance

Delinea report reveals that nearly 80% of companies have had to use their cyber insurance

CybersecurityNorth AmericaResearchTop Stories

Delinea, a leading provider of Privileged Access Management (PAM) solutions for seamless security, today published a new report showing that cyber insurance not only has become ubiquitous but more than half of companies that have leveraged their coverage have used it more than once.

As a result, insurers are pulling back on covering what is most needed, with only about 30% of organisations saying their policy covers critical risks including ransomware, ransom negotiation and decision on ransom payment.

The survey, conducted among 300 US-based IT decision makers by Censuswide, found that nearly 70% of organisations have applied for cyber insurance, with 93% being approved when they applied and 65% claiming the process took less than three months.

While risk reduction is the main reason for applying (40%), one-third (33%) of respondents claimed that it was also due to requirements from executive management and boards of directors and 25% cited recent ransomware incidents as a primary decision driver.

Given the pressure coming from the top, it’s therefore no surprise that 93% received the budget required to purchase their cyber insurance policies even as 75% of respondents said premiums increased in their last renewal.

“Executives and boards use cyber insurance to lower the costs associated with potential breaches,” said Art Gilliland, CEO of Delinea. As a result, most organisations are scrambling to buy or renew a policy, even as the insurers pull back on what they will cover and simultaneously raise the price of coverage.”

Click below to share this article

Browse our latest issue

Intelligent CISO

View Magazine Archive