Are you considering whether cyber insurance is worth it for your organization? It could be. With the rise in ransomware, DDoS attacks and data breaches, cyber insurance is being used as a way for companies to protect themselves as they realize risks in their business. However, many insurers are now excluding ransomware1 and state-backed attacks2 from their coverage. So, how can you determine whether cyber insurance is worth it?

USAA Auto Insurance is one of the leading insurance companies in the country today and is known for offering reliable coverage to many people in the country. The organization was founded in 1922 with a group of Army officers and has since expanded dramatically. The organization serves millions of individuals and has detailed information for so many customers that it's a real risk that the company recently went through a data breach.

In the modern world, cybersecurity and cyber insurance go hand in hand. As we head into the future and the presence of AI in every part of your life grows, so will the responsibilities that need to be taken to ensure security and peace of mind regarding your data and personally identifiable information. As the relatively new cyber insurance industry gets on its feet, it will become more accessible to everyday life, and that trend is already emerging.

Privileged Access Management (PAM) enables organizations to address core controls needed to qualify for many cyber insurance policies. It’s important for organizations to be insured and mitigate the potential impact of a breach, and PAM is a critical part of any risk management strategy. In this blog, we’ll take a look at how organizations can satisfy common cyber insurance requirements with PAM, and the security benefits doing so offers.

Even with the best strategies in place, cyber professionals understand that it’s only a matter of when, not if, a cyberattack will happen. Hence, a risk management and incident response plan is necessary for an organization’s cybersecurity posture. While such plans won’t wipe out the financial and reputational aftermath of a cyberattack — a cyber insurance policy can help your organization recover from such attacks.

The cyber insurance market has matured rapidly over the past two years in the face of ever-evolving risk. Factors such as increased ransomware activity, ballooned claims frequency and loss severity, coupled with soaring market demand have brought us to what is referred to as the “second wave” of cyber insurance — a revolution in the way businesses are evaluated, underwritten and protected.

Cyber insurance is an increasingly critical part of an organization's approach to cyber defense and CISOs have realized that identity management and, in particular, Privileged Access Management (PAM) are some of the most important and influential aspects of any organization’s overall cybersecurity strategy.

As government-sponsored and widespread vulnerability attacks continue to result in larger damages, cyber insurers are looking for opportunities to still meet demand without incurring risk. It may come as a surprise, but cyber insurers aren’t in the business of issuing (and covering) cyber insurance policies; they’re in the business of staying in business. And that means identifying and reducing the highest sources of risk where the insurer will lose through paying on claims.

Cyber insurance is the fastest-growing sector of the world’s insurance markets. But, a recent increase in ransomware attacks and business email compromises has led to a sharp uptick in claims, resulting in significant losses for cyber insurers and increased premiums. Cyber insurance customers need a way to increase their cyber resilience, reduce premiums, and improve their cyber postures.

Cyber risk is everywhere. From credential theft to misconfigurations to vulnerabilities and even phishing attempts, there are cybercriminals poking and prodding at organizations from every angle. This means that organizations not only need to up their cybersecurity, but they also need to think about it in terms of risk and how to holistically mitigate that risk — from identifying threats to protecting against them and responding to them.