skip to Main Content

At The Identity Organisation, we're here to help!

    Your privacy is important to us, and we want to communicate with you in a way which has your consent and which is in line with UK Law on data protection. As a result of a change in UK law on 25th May 2018, by providing us with your personal details you consent to us processing your data in line with current GDPR requirements.

    Here is where you can review our Privacy & GDPR Statement

    To remove consent at any time, please e-mail with the word "unsubscribe" as the subject.

    +44 (0) 1628 308038

    Cyber Insurance Expected to Continue to Rise as Sophistication and Cost of Ransomware Attacks Increase

    New data about the state of cyber insurance shows that given the current loss ratios by insurers – and the reasons behind those losses – will result in higher premiums for the foreseeable future.

    I cover the topic of cyber insurance at a pretty regular cadence here, but it’s rare when you can hear directly from a wide range of insurers about the state of cyber insurance, what challenges insurers are seeing, and what to expect in the near-term. So, I was thrilled to hear about security vendor Panaseer’s 2022 Cyber Insurance Market Trends Report providing some insight into exactly where cyber insurer head’s are.

    According to the report, a majority (82%) of cyber insurers expect cyber insurance premiums to continue rising over the next two years. The reasons are threefold:

    • The increased sophistication of cyber threat actors – 74% of insurers say this is having an impact on premiums
    • The increased cost of ransomware attacks (i.e., payments) – 78% of insurers say this is having an impact
    • Inability to accurately understand a customer’s security posture – 74% of insurers say this is having an impact

    What’s interesting is of all the security technologies in place today – from IAM, to PAM, to vulnerability management, to EDR, and more, 36% of insurers said that Security Awareness Training is the most important factor (just behind Cloud Security as the top factor) when assessing a prospective insured organization’s network for risk and worthiness for a policy.

    Makes you realize the value of keeping users continually up to date on the latest phishing and social engineering attacks and methods. So, if you want to get a cyber insurance policy, keep your users “secure”.

    Free Ransomware Simulator Tool

    Threat actors are constantly coming out with new strains to evade detection. Is your network effective in blocking all of them when employees fall for social engineering attacks?

    KnowBe4’s “RanSim” gives you a quick look at the effectiveness of your existing network protection. RanSim will simulate 22 ransomware infection scenarios and 1 cryptomining infection scenario and show you if a workstation is vulnerable.

    Here’s how it works:

    • 100% harmless simulation of real ransomware and cryptomining infections
    • Does not use any of your own files
    • Tests 23 types of infection scenarios
    • Just download the install and run it 
    • Results in a few minutes!

    PS: Don’t like to click on redirected buttons? Cut & Paste this link in your browser:


    Sign Up to the TIO Intel Alerts!

    Back To Top