Delinea: 62 Percent of Companies Filed Cyber Insurance Claims

By
Brady Hicks
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Delinea, which provides solutions to secure identities through centralized authorization, published its new Cyber Insurance Report. This data is based on responses from 300 decision-makers. The report revealed that U.S. companies are increasingly adopting advanced technology such as AI to secure cyber insurance coverage and mitigate cost.

“Insurance companies increasingly require proof of robust identity controls, with 41 percent demanding evidence of least privilege access. Given that identity and privilege compromises account for 47 percent of attacks leading to insurance claims, this is hardly surprising,” said Rick Hanson, Delinea’s president. “Investing in identity security solutions has become essential for securing cyber insurance. At Delinea, we address these demands with AI-driven solutions that enhance security, deploy quickly and require 90 percent fewer resources than competitors. Our platform ensures organizations meet stringent insurance requirements while significantly bolstering their overall risk management.”

Key findings include:

  • 62 percent of respondents filed a claim in the last 12 months, with over 27 percent of respondents having filed multiple claims, highlighting the ongoing and intensifying nature of cyber threats.
  • 47 percent of attacks leading to insurance claims are linked to identity and privilege compromises, emphasizing the need for identity security measures as a fundamental component of any organization’s cybersecurity strategy.
  • 41 percent of insurance companies requiring proof of least privilege access controls or authorization, before granting a policy. Additionally, 95 percent of U.S. companies reported the necessity of investing in identity security solutions before obtaining cyber insurance, underscoring demand for stringent identity security protocols to secure coverage.
  • Half of U.S. companies leverage AI-supported threat detection and monitoring solutions that prove instrumental in reducing cyber insurance premiums.

To access the full report, click here.

For Delinea’s partner program, visit here.