By Lynn Ambrose
The cyber insurance market has experienced dramatic changes over the past couple of years – including large payouts from ransomware attacks and the shift to hybrid/remote work – which has had a substantial impact on premiums. According to Egnyte’s recent Cybersecurity Trends for Mid-Sized Organizations Report, 47% of organizations have experienced premium increases of 76% or more in the past year. As someone who works in cyber insurance each and every day, premium increases have begun to stabilize, but it’s important to be aware of how it has been trending to date.
Egnyte’s Director of Cybersecurity Evangelism Neil Jones and I recently sat down to discuss the current state of cyber insurance and practical steps that organizations like yours can take to keep premiums manageable. Although there is never a one-to-one correlation between cybersecurity hygiene and cyber insurance rates, the cybersecurity checklist below provides you with a good starting point for improving your cyber hygiene.
Cyber insurers are looking for several key elements in the policy renewal process, particularly if there are effective data and risk management strategies in place at the organization. Learn about several best practices below.