Security | Threat Detection | Cyberattacks | DevSecOps | Compliance

Arctic Wolf and SC Media surveyed an audience of more than 500 North American IT security professionals in the fall of 2023 and discovered that, among those who currently have cyber insurance policies, 47% of them have had coverage for 12 months or less. A significant increase among the insured reflects the kind of growth one might expect from an industry that has seen monumental change in just a few short years.

New data from cyber insurance underwriters shows what they think the biggest threats will be in 2024 and what organizations should do about it. Because insurance underwriters analyse lots of risk data to make decisions about insurance premiums and policies, it makes sense to hear their perspective on 2024’s outlook will be. According to insurer Woodruff Sawyer’s Cyber Looking Ahead Guide 2024, there’s some good news and some bad news.

As cyberattacks become more sophisticated, strong cybersecurity measures might not be enough to protect your organization. It’s not a matter of “if” cybersecurity incidents will occur but rather “when”. That’s why many organizations turn to cyber insurance for financial protection against cyber threats.

These statistics show that organizations struggled to maintain basic cybersecurity practices in 2023. But what can organizations do to improve their networks and help prevent attacks in 2024?

The growing frequency and sophistication of cyberattacks, especially on the ransomware front, have compelled even more companies to seek cyber insurance coverage. But as the need for coverage grows, so do the complexities. Even though we’re seeing a trend in which premiums have flattened, with expectations that this will continue as a market correction occurs, significant challenges remain for companies seeking coverage.

The Pan-American Life Insurance Group (PALIG) provides various insurance plans across the states and beyond. PALIG employs more than 2,100 staff and has a 110-year history of providing insurance to those needing it. Companies and individuals turn to PALIG in their time of need, and PALIG returns the favor by providing high-quality insurance options.

Just like other insurance markets, subjectivities have become a staple of cyber insurance. When a cyber insurance underwriter issues a quote to the broker and insured, there may be additional requirements that must be met before the policy and coverage are activated. The management and resolution of these subjectivities creates friction for all stakeholders involved. It takes longer for insureds to obtain coverage, for underwriters to collect premiums, and for brokers to earn their commission.

As discussed in the previous blog, the insurance sector, like other financial institutions, face various unique cybersecurity challenges. Of primary concern is its responsibility for safeguarding sensitive customer data. This data has long been a prime target for cybercrime — a trend that has endured even as today’s IT landscape, and the threats against it, continue to evolve.

Insurance companies, like other financial institutions, face a range of unique cybersecurity challenges and considerations. Responsible for safeguarding treasure troves of sensitive data, the industry has long been a prime target for cybercrime — a trend that has endured even as today’s IT landscape, and the threats against it, continue to evolve.