Cyber Resilience – Considerations for Cyber Insurance Coverage in 2023

CSO Online posted an article discussing what potential purchasers of cyber insurance should be aware of in the new year. As the number of companies reporting attacks to insurers increases, so have the requirements for the purchase or renewal of policies. There are two broad trends impacting cyber insurance: insurers requiring a stronger security posture from organizations and the increasing cost of insurance. Regarding the first, to qualify for coverage, insurers are holding organizations accountable to actually proving compliance with more stringent security frameworks; likewise, they are requiring additional controls like multifactor authentication and the creation of incident response playbooks. Regarding the second, due to an increase in demand and the average cost of responding to a cyber attack, cyber insurance prices continue to go up. Read more at CSO Online.