Cyber Insurance Premiums on Track to Increase Even More

Panaseer released a cyber insurance trends report, with key insights into the market and into the process and challenges of obtaining cyber insurance. 

We've talked in detail about the challenges that companies face when trying to obtain cyber insurance. With the rate of attacks, particularly ransomware, increasing, insurers are being careful about who they choose to insure.

In this report, which surveyed 400 global insurers, we get valuable insights into the market. Some of the key findings:

• 82% of insurers expect premiums to rise over the next two years
• Organizations in manufacturing, financial services and healthcare make the most claims
• 38% of insurers say that the sophistication of hackers is having a significant impact on premiums, while 36% blame higher ransomware costs
• 40% say that cloud security is the most important factor that insurers assess; 36% say security awareness
  
  

Being able to show your security posture and give data to cyber insurers is key; so is showing features like sandboxing all malware.  While premiums are on track to continue their rapid increase, understanding what insurers are looking for and how to better protect yourself can help.