Lloyd's of London have given notice that they will reduce cover for cyber-insurance, how is this likely to affect organisations? Will it affect your organisations and will if change their approach to cybersecurity?
See the Report on the Cybersecurity Insurance Market here prepared by NAIC. Organizations will continue to spend on coverage. Rates will continue increase because of demand and loses. Eligibility terms will become tougher.
Premiums will continue to out pace actual organizational spend on cyber and that my friends is the real problem. Controls must be in place and be verified - stop the paper exercises! In the future organizations will be asked, by the smart insurances willing to reduce premiums, to show us you policy-as-code. That is what matters today in the Cloud.
"Currently, cyber insurers are seeing their expenditures surpass 70% of premiums paid and thus it should be “no surprise that cyber insurance premiums are on the rise,” the report notes. NAIC said insurers’ price increases are likely to be reflected in the 2022 version of its cyber report."
It is also interesting that House Insurance providers, also provide in some cases coverage too.