In a recent article for Dark Reading, SPHERE CEO Rita Gurevich provides essential guidance on navigating the rapidly evolving cyber insurance landscape. With cybersecurity insurance being the fastest-growing segment of the global insurance market, organizations must understand how to optimize their coverage while maintaining strong security practices.
Despite some stabilization in premiums during 2023, many organizations continue to face rising costs, with 79% of US organizations reporting insurance cost increases. Smaller companies are particularly affected, with higher denial rates due to insufficient security protocols.
Gurevich offers several strategic recommendations for organizations seeking optimal cyber insurance coverage:
- Conduct thorough self-assessments of cybersecurity posture before approaching insurers
- Recognize industry-specific risks regardless of previous incident history
- Understand policy coverage limits, sublimits, and exclusions in detail
- Meet and maintain compliance requirements to ensure valid coverage
- Document and demonstrate security control effectiveness, particularly in identity management
- Focus on continuous improvement in security practices
The article emphasizes that cyber insurance should complement rather than replace robust cybersecurity practices, serving as one component of a comprehensive security strategy.
Read the full article: “How to Get the Most Out of Cyber Insurance” by Rita Gurevich on Dark Reading