The number of organizations that will be either unable to afford cyber insurance, be declined cover, or experience significant coverage limitations is set to double in 2023, according to Huntsman Security.
Even for those insured, the perfect storm of ongoing attacks, tightening regulations and growing financial pressures is making it more likely that any attack on an organization will leave it exposed.
“Factors like the supply chain crisis, inflation and skill shortages are all adding to the difficulty for organizations trying to execute on their cybersecurity strategy. At the same time, increases in insurance premiums, limits on coverage, increasing underwriting rigour, and capacity constraints are all limiting the accessibility of cyber insurance, for many,” commented Peter Woollacott, CEO at Huntsman Security.
“Loss ratios will not improve until premium incomes better match the current level of pay-outs. With this reduced insurance access alongside increasing cyber threats and tightening regulations, many organizations are losing cyber insurance as an important risk management tool. Even those who can still get insurance are paying a prohibitively high…
