Cybersecurity Field Guide #12

The Modern Cyber Insurance Landscape

 

Gain a comprehensive cyber insurance perspective with our newest Optiv field guide for brokers, carriers and insureds.

 

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In the rapidly shifting tide of cyber insurance, it can be tough to plot a course and decide which route is best for your business. Cyber insurance has become more difficult to attain than ever before whether you’re new to the scene or struggling to renew. The industry needs innovation now more than ever.

 

Cyber Insurance Industry Challenges of Today:

 

Evolving Threat Landscape

 

  • Difficult to quantify risk in order to balance risk transfer vs. controls.
  • Insurance is often independent from cybersecurity strategy.

 

Lack of Underwriting Standards

 

  • “35% of [underwriter] respondents rated their inability to accurately understand a customer’s security posture as having a big impact on rising premiums.”2

 

Policy Cost and Industry Profitability

 

  • “Cyber Insurers are seeing their expenditures surpass 70% of premiums paid.”5
  • Cyber insurance renewal premiums are up year over year by 46.5%”4

 

Cyber Advisory Gaps

 

  • Cyber liability advisors are struggling to keep up with the pace of change within the cybersecurity space (especially if they’re generalists).

 

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Topics and Summaries

 

Within Optiv’s 12th field guide, our cyber insurance experts will explore the status of the cyber insurance market, shine some light on the catalysts contributing to our current state, as well as discuss the key opportunities for innovation in the years to come.  

September 28, 2023

Take a Look Inside

Whether you’re in the attainment or renewal process for your cyber insurance policy, or simply looking to learn more about the industry, Optiv has created this easy-to-digest field guide for all. Click below to download and learn more.

 

Optiv Field Guide Library

 

Designed with you in mind – with easily searchable content – these field guides are a “go-to” reference for all your cybersecurity strategies and tactics. Each one is topic-specific and based on years of “been-there-done-that” research. Like what? From change management to getting ahead of ransomware to surviving an attack, implementing SASE or Zero Trust, it’s all here – with more to come.

 

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