Identity Security is Critical to Obtaining and Maintaining Cyber Insurance : 2024 State of Cyber Insurance Research Report

Identity security is critical to obtaining and maintaining cyber insurance

Cyber insurance is an essential part of a cyber risk management program to ensure resilience and recovery. Now that having cyber insurance has become standard practice for organizations of all types, the focus has shifted to maintaining insurability even as risk factors change.  

In this research study of 300+ decision-makers, you’ll see how companies like yours are addressing challenges to obtain and maintain cyber insurance. You’ll also discover how organizations are adopting newer technologies like Artificial Intelligence to increase efficiency, scale quickly, and lower costs. 

 Key takeaways from the research:

• Gaps in identity security are the most common cause of cyber incidents that result in insurance claims. Identity and privilege compromises account for 47% of attacks that lead to claims. 
• Insurance companies want evidence of identity security before granting a policy. Over 40% of insurance companies require least privilege access controls/authorization.
• Although overall cyber insurance costs are increasing, AI is providing leverage for policyholders. Half of U.S. companies are using AI-supported threat detection and monitoring to reduce their cyber insurance premiums.