Cyber Insurance Went Up A Whopping 92% In 2021
That’s getting to be real money. This is the kind of thing that starts cutting into your whole IT budget.
The WSJ said: “Many cyber insurers dramatically increased their rates during 2021, alarmed by a rash of cyberattacks that struck companies around the world and drew the attention of national governments. Data from regulatory filings and collated by ratings agencies shows that among the largest insurers, direct written premiums rose a whopping 92%, while direct loss ratios fell slightly.
Insurers significantly increased premiums for cyber coverage over the course of 2021, as a string of high-profile attacks and government action helped boost demand for products, data collected by industry bodies shows. Analysts say that the increase primarily reflects higher rates, rather than insurers significantly expanding the amount of money they are willing to cover.
Cyber insurers are also taking a tougher line on would-be clients, demanding security measures such as multi-factor authentication and more sophisticated endpoint protection, brokers say.” At KnowBe4 we have also observed that iinsurers are often mandating effective security awareness training as a prerequisite to get insured. Some insurers even send their customers to us as part of a standing offer.
Getting your employees trained is a must today, and the cost is a total no-brainer. Join the 50,000 organizations that use KnowBe4 and create a strong human firewall as your last line of defense.
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