Cyber Insurance Industry
Cyber Insurance Premiums jumped 83% for top performing companies
Our CISO Global Cyber Insurance offering can help you not only combat massive rate increases and improve your likelihood of being insured, but will significantly improve your actual security posture in the face of rampant ransomware attacks.
If you are like most organizations who have tried to renew your cyber insurance recently, you may be looking at dramatic premium increases, much smaller payout caps, and for some, flat out denial of a policy.
Ransomware is the single greatest factor driving these massive rate increases. According to Gallagher’s latest report, ransomware payouts more than doubled last year, jumping from $416 million over twelve months to $590 million in just six months. A number of factors help insurers determine your organizational risk and security baseline, primarily focused on ransomware prevention and mitigation.
Namely, underwriters are requiring more stringent and verifiable baselines for cybersecurity.
Combat Cyber Insurance Trends
Rising Costs of Premiums
Increase in Ransomware Attacks
Decreasing Payout Caps
majority of businesses have seen a dramatic rise in cyber insurance costs
*While the top tier of businesses are taking the brunt of the premium increase, the remaining majority of businesses have seen a dramatic rise in cyber insurance costs, as well, with a 37% hike. While this may seem modest when compared with the enterprise market’s 83% cost increase, it is more likely to impact midmarket companies harder. These organizations tend to operate on narrower profit margins while working toward enterprise growth, causing them to have some of the same resource struggles SMBs have. They are also less likely to have the internal staff resources to address the tighter requirements underwriters are now demanding and validating before agreeing to insure.
*Source – Gallagher Insurance Market Report 2021
50$590 million in ransoms were paid to cyber criminals in the first half of 2022
*In the first half of 2022, $590 million in ransoms were paid to cyber criminals in an attempt to get data back. This is a $184 million increase over what was paid out in all of 2021 together – $416 million. In other words, we are looking at well over double the payouts from last year, so cyber insurance hikes and requirements will not be going away anytime soon. What’s more, in many of these victims never recovered their data and systems even after having paid the ransom. After all, dealing with criminals is risky business, because they are criminals.
*Source – Gallagher Insurance Market Report 2021
Multi-factor Authentication (MFA)
Deploying MFA supports access control to company assets and can help stop unauthorized access using stolen credentials.
CISO Global experts will:
- Help you configure MFA in platforms where it’s already available
- Train teams how and why to use MFA
- Identify and implement additional solutions as needed
Employee Cybersecurity Awareness & Phishing Prevention Training
Purchasing a training platform subscription without the time to customize and manage it can leave you frustrated with lack of company-wide progress. You need customized learning tracks, customized realistic phishing simulations, and actionable reporting. We take the burden off your team and manage the entire learning program, measuring progress and customizing along the way to ensure your team’s security awareness is actually progressing.
Fully-managed training program includes:
- Quarterly simulated phishing attacks
- Monthly security awareness training emails
- Custom-selected training videos tailored to strengthen weak areas over time
- Reporting on success and growth among staff over time
- Assurance that you won’t waste another subscription that doesn’t work
Managed Detection & Response (MDR)
Ransomware is more than a risk. It’s becoming so widespread that one can almost say it’s an inevitability for the unprepared. That’s why it’s the single greatest factor driving cyber insurance premiums through the roof and lowering payout caps. That means even if your insurance does pay out, you could be left holding the bag on recovery costs. Why not just prevent ransomware to begin with, by implementing 24x7x365 security monitoring and full response across your endpoints? With expert security analyst oversight around-the-clock, SentryMDR gives you peace of mind that –
Our around-the-clock endpoint security solution will:
- Stop endpoint attacks, level no matter where your employees work
- Provide 24x7x365 security monitoring
- Utilize static AI and machine learning to speed up response
- Put any alerts not handled automatically in front of security analysts right away
- Ensure all security alerts are handled within minutes, even nights, weekends, and holidays
Most organizations have excellent backup and disaster recovery (DR) solutions and believe them to be configured properly. Our security engineers have learned that more often than not, key steps are overlooked during deployment, limiting the effectiveness of backups. There’s nothing worse than investing in a disaster recovery solution that, due to a few small oversights, is rendered useless in a real emergency. Our team can review your architecture and configurations to ensure that your backups are truly immutable, providing you with validation for your cyber insurance providers that if you experience a catastrophic event, you will actually be able to access everything you need to recover.
CISO Global Experts Will:
- Evaluate your current backup strategy
- Identify security gaps that allow attackers to access and delete or damage backups
- Help ensure your backup strategy meets your unique Recovery Time Objective (RTO)
- Offer remediation support as needed
- Increase ROI if you have missed steps with your existing solution.
We want to hear from you!
To start a conversation with one of our experts, give us a call or Request a Consultation.
We look forward to speaking with you about your goals and unique needs.