Skip to the main content.

solutions mega inset

3 Reasons the Co-Managed IT Model Might Be the Perfect Fit

Focusing on investing in IT can provide a better outcome in the long run, as it helps in avoiding issues and maintaining high performance. So it is always recommended to opt for quality service rather than compromising on the budget.

Read Now

 

 

Yellow quotations

We aim to help our clients soar to new
heights, by setting our sights on the mission
total client reassurance. Then create a
flight plan, lock in our course, and take-off.
We’ve got your six!

Weve got your six defense badge - Graphics - Sixwatch

 

Sixwatch has meticulously crafted educational content, deploying it swiftly into the technology and cybersecurity airspace, ensuring our customers and followers remain perpetually informed and mission-ready.

Sign Up
Yellow Line

 

Stronger Together

We’ve got your six. Sixwatch is the premier managed IT service provider offering our clients the depth and scope of IT consulting, cybersecurity, support, and leadership services.

contact hyde house

 

2 min read

The State of Cybersecurity Insurance Today: Emerging Trends

The State of Cybersecurity Insurance Today: Emerging Trends

The cybersecurity insurance market has grown exponentially in recent years, and it’s only expected to continue expanding. In fact, by 2028, the market is expected to be valued at a staggering $26.24 billion. It’s clear that as cybercriminals become more adept, businesses of all types are opting for more financial protection against the impacts of cyberattacks.

However, just as the market is growing, there are also more governmental and public efforts to tighten regulations surrounding cybersecurity insurance. These endeavors aim to help insurers and companies better understand risk management in the face of new cyberattacks. They also strive to outline what should be included in insurance policies.

To understand where cybersecurity insurance coverage stands today, check out these top trends the market is currently facing.

 

Top Four Cybersecurity Insurance Trends to Look Out For

 

Increased Premiums

Perhaps the most notable trend in cybersecurity insurance coverage is the jump in premium costs. In 2021, premium prices grew by 74% alone. The rise in premiums is due to the greater demand for cybersecurity insurance as more organisations face new and evolving cyberattacks. To combat high-cost premiums, many businesses are taking more preventive measures to avoid possible attacks. For instance, companies are undergoing cybersecurity awareness training and implementing stricter security controls in their systems.

 

Greater Emphasis on Cybersecurity Readiness

As the number of claims filed rises, so does insurers’ interest in a company’s risk history. After all, insurers want to avoid hefty payouts. In response, insurers are requiring businesses to increase their cybersecurity readiness by answering more questions and completing more documentation on their risk management history. For example, insurers are asking businesses about their incident response plans, prior history with breaches, and whether they’ve undergone any risk evaluations of their current cybersecurity.

 

Deeper Scrutiny of Vendors

As part of risk management, many insurers are taking a deeper look into businesses’ vendors. Insurance companies want to know how much access these vendors have to a company’s network and what privacy and security protocols they have in place. Vendors who have access to critical, private information have a greater risk of exposure if they are not following the same strict practices as the organization.

 

More Involved Government Regulation

Lastly, governments are becoming more involved in cybersecurity insurance regulation. This is largely due to the vast increase in cyberattacks, particularly ransomware, malware, and phishing. In the United States, more bills and resolutions are being introduced to provide a framework for addressing cybersecurity insurance coverage policies. Similarly, on a global scale, the European Commission has proposed new regulations that call for regular maturity assessments and plan implementations around cybersecurity.

 

Securing Cybersecurity in an Ever-Evolving World

With cybersecurity, businesses have two ways to optimise their efforts. The first is to take preventative measures by developing a risk management strategy and identifying and addressing security vulnerabilities in their system. The second is to examine cybersecurity insurance options. While costs are increasing, the demand for cybersecurity insurance coverage is justified. Cybercriminals will only get smarter, faster and stronger at breaching systems and causing financial disasters. At Sixwatch, we’re here to help you with both processes.

 

If you’re looking to learn even more about all things cybersecurity, check out more of our blogs in our resources section. Sign up for our newsletter to keep up with trending technology topics!

Discover the Benefits of AI Cybersecurity Solutions in Tampa

TechRepublic reports that a midsized company gets alerts for more than 200,000 events and threats each day — far too many than even the most...

Read More
The Employer’s Guide to Cyber Readiness

The Employer’s Guide to Cyber Readiness

Cybercrimes are becoming more rampant worldwide as cyberattacks like ransomware, malware and phishing become commonplace. With global cybercrime...

Read More

4 Ways to Improve Your Cyber Awareness

Cyber Awareness Month 2022 October marks the start of Cybersecurity Awareness Month 2022, which is designed to help businesses protect themselves...

Read More