Cyberinsurance coverage disparities widen

Declining cyberinsurance provider exposures and organizations' failure to examine the fine print of their policies have been fueling growing disparities in cyberinsurance coverage, according to SiliconAngle. Organizations have also spent significantly more time and effort to secure cyberinsurance policies amid increasingly prevalent cyberattacks, as evidenced by 47% of companies making one or more cyberinsurance claims over the past 12 months, a Delinea report showed. Moreover, 67% reported having their cyberinsurance rates rise by 50% to 100% during the same period. Meanwhile, inadequate security protocols, human error, acts of war, and nonadherence to compliance procedures have been cited as the most common exclusions listed by cyberinsurance providers, while almost 50% noted that their policies have required them to implement identity and access management, as well as privileged access management. "If organizations don't already have these access control solutions, it's time to implement them before they shop for or try to renew cyberinsurance," said Delinea Chief Security Scientist and Advisory Chief Information Security Officer Joseph Carson.