By Brady Hicks The concept of insurance can be a mixed bag. Sure, we all know the value of a strong policy. In the face of potentially great loss, insurance can provide both a sense of comfort and a path toward recovery. And while it’s been called unreliable or too costly at times, most tend to agree that the price for not insuring your assets can actually be far greater. That is certainly the case with the emerging trend of cyber insurance. According to the World Economic Forum, 2023 is expected to become a “consequential” cybersecurity year, with an “expanded threat landscape” that features more “increasingly sophisticated attacks.” This lends credence to past GlobalData statistics projecting the worldwide market for cyber insurance to balloon to $20.56 billion by the year 2025. In a recent webinar, Delinea surveyed more than 300 IT executives as they discussed their cybersecurity insurance coverage, or lack thereof. Largely, what Delinea uncovered is that nearly 70 percent of respondents’ organizations have an active cyber insurance policy, with a 93 percent acceptance rate among those insured. “Cyber insurance is evolving fast,” said Joseph Carson, chief security scientist and Delinea’s advisory CISO, noting that it “offers a safety net for businesses threatened by the rapid growth of insider cybercrime and external cyber threats.” CYBER PATROL The why and how of cyber insurance A MATTER OF POLICY 32 CHANNELV ISION | JANUARY - FEBRUARY 2023
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