Half of organisations with cyber insurance have implemented additional security measures to qualify for cover or to reduce its cost, claims cybersecurity vendor Netwrix in its 2023 Hybrid Security Trends Report.
In its survey of more than 1,600 IT and security professionals worldwide, more than half of respondents already have cyber insurance (44%) or plan to purchase a policy within the next 12 months (15%).
Of those that already have cyber insurance, 28% made changes to reduce their premium and 22% had to improve their security posture to qualify for
the policy.
Dirk Schrader, VP of Security Research at Netwrix, said: “The insurer’s audit will highlight security gaps in the IT ecosystem and provide recommendations on how
to overcome them. In some cases, implementing additional security controls is mandatory to even qualify for a policy. In addition, some organisations choose to invest in more security measures because it reduces the cost of the insurance policy.”
Measures required in order to qualify for a policy include multifactor authentication, cited by 63%; patch management (55%); regular security training for business users (47%);
identity and access management (38%); and privileged access management (36%). www.netwrix.com
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