Cyber Insurance Companies Are Tightening Their Payout Policies
According to Heidi Shey, principal analyst at Forrester, “Cyber insurance is only one component of a bigger enterprise cybersecurity risk management program. However, the cyber insurance market has been on a roller coaster, with skyrocketing premiums, changes in coverage, and a demand for policies that outweighs available supply. After years of affordable and readily available policies, the ubiquity of cyber insurance combined with the rise in cyberattacks has changed the power dynamic in favor of the insurers.”
Jason Cray, technical owner of the data protection and information management practice at CDW, has picked up on similar shifts in the cyber insurance market. Cray and Tony Roberts, senior solutions engineer at CDW, have both noticed new limitations on cyber insurance policies during their work with CDW customers.
“The insurance premiums are just going through the roof, if you can even get them,” Roberts says. Plus, “insurance companies now are defining in their contracts that they’re not going to cover an attack if it comes from a specific nation-state.”
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