Today, organizations of all sizes find that obtaining and maintaining cyber liability coverage has become increasingly costly, complex and confusing. Premiums skyrocketedby over 50% in 2022, following 73% premium growth in the prior year. Moreover, experts predict a25 to 100% increasein cyber insurance premiums in 2023. At the same time, the policy coverage limits are shrinking while theincident recovery costs continue to grow.
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Obtaining cyber insurance can be frustrating
Organizations are increasingly frustrated by the stringent qualification process, with an ever-expanding amount of application paperwork and hundreds of questions to answer. Cyber insurance companies require, as part of intense underwriting scrutiny, that applicants adhere to specific cybersecurity frameworks and have controls and audits in place to assure compliance. As a result, the application and approval process is taking much longer than before.
The likelihood of a cyberattack occurring at some point makes a cyber liability policy an absolute necessity. However, the protections organizations have in place greatly influence their ability to purchase and maintain cyber insurance coverage.
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Most cyber insurance policies today require having endpoint detection and response, managed detection and response (i.e., Managed SOC) and security awareness training services in place, in addition to other commercially reasonable security tools, such as antivirus and firewalls.
Because organizations need multiple security tools to qualify for cyber insurance, IT teams have to work with multiple vendors to procure all necessary solutions. Dealing with numerous bills, support teams, release schedules and other hassles of having multiple vendors results in “vendor fatigue,” wasted time and higher costs.
At Kaseya, we address these considerable challenges in two ways. First, we offer multiple cybersecurity solutions that cover all vulnerability areas and are technically and commercially integrated with one another. This ensures comprehensive protection, streamlines your IT operations, eliminates vendor fatigue and lowers your overall cybersecurity spend by as much as 30% compared to other vendors in the marketplace.
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Kaseya Cyber Insurance Fast Track is Here
Kaseya, in partnership with Cysurance, now offers Cyber Insurance Fast Track, a first-of-its-kind program that provides pre-qualified cyber liability coverage for MSPs, MSP clients and businesses that utilize Kaseya’s Security stack.
The five required security solutions to qualify for the program are:
Managed SOC powered by RocketCyber (managed detection and response)
Businesses that have all five products deployed for securing their environment can immediately qualify for $1.5 million in cyber coverage at prices up to 50% below the prevailing market rates through Cysurance. MSPs can immediately qualify as well.
If you are already insured, the Kaseya Cyber Insurance Fast Track program can augment your existing policy by $1.5 million.
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How to apply
There are two ways to apply for the Fast Track program:
1. If you are a Kaseya customer enrolled in theKaseyaOneportal and already have all five required Security products, log into your KaseyaOne account, click on the Fast Track menu item on the left and complete the application form.
2. If you haven’t registered for KaseyaOne yet or need to purchase additional Security products to complete the required stack, please contact your Account Manager, who can help you obtain the portal access credentials, add any missing products from the Security stack and apply for the program.
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Cyber insurance companies require, as part of intense underwriting scrutiny, that applicants adhere to specific cybersecurity frameworks and have controls and audits in place to assure compliance. As a result, the application and approval process is taking much longer than before.
The demand for cyber insurance coverage is skyrocketing. At the same time, insurance providers' losses are growing. High demand in combination with high payouts lead to increased premiums. Businesses report premium hikes of 50% and even 100% year over year.
The cyber insurance market has nearly tripled in size over the past five years, largely due to the commitment of reinsurers and the emerging interest from capital markets in cyber risks. Despite this, only a fraction of the risks has been insured so far.
With the continuing of double-digit rate increases and high loss ratios, cyber insurance was in a hard market and companies were having a difficult time getting coverage. But less than a year later, rate increases have dropped back down to general P&C levels and cyber insurers are increasing capacity.
Certification Expectations: Employers often seek certifications like CompTIA Security+ or Certified Information Systems Security Professional (CISSP) even for entry-level roles, which can be a barrier for candidates just starting their careers.
Unlike traditional insurance, cyber insurance lacks a robust history of claims data. The scarcity of historical data makes it difficult for underwriters to accurately predict and price cyber risks. Developing models that can effectively navigate this uncertainty remains a significant challenge.
Cyber insurance protects against losses that result from a range of cyber incidents, including social engineering scams and ransomware attacks. But is it worth the investment? It's a resounding 'yes'.
Also, most cyber liability insurance policies don't cover your business for a decrease in company value. For example, your intellectual information could be stolen through digital crime. Without that information, your company becomes less valuable overall, but insurance providers will not cover that loss of value.
However, the cyber insurance industry faces significant challenges, including a lack of historical data, a lack of ability to predict the future of cyber risk, the possibility of large cascading loss events, uncertainties among market participants about what is specifically covered under such policies, and legal ...
Cyber insurance covers the liability actions that might be brought against you, arising out of a cyber event (third party loss), such as investigation and defence costs, civil damages, compensation payments to affected parties.
What is the average cost of cyber insurance? The average annual premium for personal cyber insurance is between $300 and $1,200, depending on the level of coverage and the specific deductible you choose. The average cost of cyber insurance for a business is between $500 and $5,000 per year.
The cyber insurance market has further matured. Looking to the future, the focus remains to meet increasing demand and manage dynamic risk exposures, while focussing on the sustainable insurability of cyber risks and market functionality.
Any business that stores or processes sensitive information should consider cyber liability insurance. Consider coverage if you store data such as customer names and addresses, Social Security numbers, medical records, and financial information such as credit card information.
Cyber insurance salaries are higher than those for a typical property casualty broker by 140%. For underwriters, cyber insurance professionals make 20% more. Cyber insurance brokers make an average of $93,922. Despite these higher pay rates, cyber insurance talent shortages still exist.
But why have a waiting period at all? Cyber insurers include waiting periods to hold the company responsible for the initial period of downtime, meaning any short-term issues would not result in a claim being paid. All waiting periods are set by the insurer, meaning that times will vary.
Many insurance companies offer some form of cyber protection as an add-on to a homeowners or renters insurance policy. Blink offers a standalone policy with different levels of protection. Prices start at $5.28 per month for $10,000 of coverage for you and your household.
81% of cyber insurance claims were caused by Ransomware Attacks in 2022-2033 as per some estimates. These estimates also suggest that around 27% of cyber insurance claims were not honoured or were partially paid due to exclusions within the cyber cover.
Introduction: My name is Arielle Torp, I am a comfortable, kind, zealous, lovely, jolly, colorful, adventurous person who loves writing and wants to share my knowledge and understanding with you.
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