Unpacking the Surge: Why Cyber Insurance Rates Are Rising
Download MP3Cyber insurance rates are rising, with coverage costs up 60% for optimal risk profiles.
- For businesses with less optimal risk, rates can climb by 100% or more.
- If you already have a policy, the rate increase may not be as steep, as insurers take your previous risk protection into account.
- Securing basic coverage now can help protect you from premium hikes in the future.
- Technical factors, such as server analysis, firewall checks, and penetration testing, play a large role in determining rates.
- It's important to do internal housekeeping before applying for a policy to potentially lower your rates and improve your chances of getting approved.
- In the next two years, businesses may be required to have cyber insurance due to client demands, government regulations, or industry standards.
- If you don’t currently have coverage, start preparing now to avoid higher costs later.
- Similar to car insurance, not having coverage in the past may impact your ability to secure a policy or raise your premium.
- Let us know your thoughts in the comments below!
