CYBER PATROL After experiencing triple-digit year-over-year growth in 2022, increases in cyberinsurance premiums have not only slowed, they are actually declining. According to insurance broker and risk advisor Marsh, cyberinsurance premiums fell 6 percent in the first quarter of 2024, which followed a 3 percent drop in the fourth quarter of last year. According to Fitch, premiums dropped for the first time when they dipped 2 percent year over year in 2023. Why the somewhat sudden turnaround? According to Fitch analysts, insurance providers initially rushed into the cybersecurity business with high expectations but low understanding of security, leading to low initial pricing. The next few years, prices surged as realities hit providers. Insurers are also being more careful in cyber risk selection and the underwriting process, said Fitch analysts. “They are requiring that customers maintain proper cyber hygiene and risk management practices before agreeing to insure them. Additionally, insurers are tightening policy language to more strictly define terms, with more frequent insertion of sub-limits and exclusions.” A new study conducted by data collection experts SOAX revealed that healthcare was the most vulnerable industry to cyberattacks. The study utilized data from the Identity Theft Resource Center on the number of data violation cases in 2023. What’s more, the healthcare industry experienced a “staggering surge” in the number of cyberattack incidents, rising 136 percent year over year, showed the SOAX data. Further data revealed that 2023 cases affected 56 million victims within the healthcare industry. Not far behind, the financial services industry ranked second most at risk, with reported cases also skyrocketing, up 177 percent year over year. Changing network configurations have led to the need for a different security posture, argue analysts at TeleGeography, and in turn SASE (secure access service edge) is rather quickly becoming a common security framework. A networking model first described by Gartner in 2019, SASE was in some stage of adoption at most of the enterprises (53 percent) surveyed by TeleGeography for its 2024 state of the WAN report. That includes 43 percent of respondents that had adopted some elements and SASE and 10 percent that were in the process of doing so. Only 5 percent were unfamiliar with SASE, down from 20 percent a few years ago, said TeleGeography. Study Ranks Industries Most Vulnerable to Cyberattacks Cyberinsurance Premium Prices Reverse Data Violation Cases Due to Cyberattacks in the U.S., by Industry Rank Industry 2020 2021 2022 2023 Number of data violation victims 2023 1 Healthcare 306 330 343 809 56,000,000 2 Financial services 138 279 269 744 61,000,000 3 Professional services 144 184 223 308 30,000,000 4 Manufacturing - - - 259 5,000,000 5 Education 42 125 100 173 4,000,000 6 Technology 67 79 87 167 65,000,000 7 Retail 53 102 65 119 10,000,000 8 Non-profit/NGO 31 86 72 105 10,000,000 9 Transportation 21 44 36 101 12,000,000 10 Government 47 66 74 100 15,000,000 11 Other 172 308 250 81 4,000,000 12 Wholesale trade - - - 53 297,000 13 Hospitality 17 33 34 45 6,000,000 14 Utilities - - - 44 73,000,000 15 Social services - - - 15 193,000 16 HR/Staffing - - - 10 239,000 17 Unknown - 4 - 1 0 18 Manufacturing/utilities 70 222 249 - 5,000,000 Source: soax.com uting Market Growth, 2022 to 2032 ur organization use AI within its combined unified ns and contact center platform? sights; Mordor Intelligence What best describes your stage of adoption of SASE? (2019-2023) Most Frequent Type of Incidents Requiring IT Team’s Efforts 2 B $13B $28B 2023 2028 (Projected) 2032 (Projected) ement/interaction evaluation 43% Source: TeleGeography 0% 10% 20% 30% 40% 50% Other Waiting on SD-WAN Already implemented at least some elements No plans to adopt In the process of adopting Unfamiliar with SASE Plain to adopt but not yet begun Percentage of Respondents 2019 2021 2023 $157B SASE Becoming Common Security Framework 24 CHANNELVISION | JULY - AUGUST 2024
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