The Truth is Powerful
Orgs Adopt Healthcare Cybersecurity Tech to Keep Cyber Insurance Premiums Down
By Jill McKeon
The survey of 200 healthcare security leaders revealed that the inability to maintain cyber insurance was one of the top-ranked security concerns among respondents in 2022, along with the risk of non-financially motivated cyberattacks and internal security breaches. In fact, 39 percent of respondents said that investing in cyber insurance was one of their top priorities for the year.
An Index Market Research report predicted that the global cyber insurance market would be valued at approximately $22.5 billion by 2030. In 2018, the market value of cyber insurance was $4.3 billion.
But the increased demand for cyber insurance and the uptick in cyberattacks and data breaches have also led to higher insurance costs, a 2021 US Government Accountability Office (GAO) report found.
“The extent to which cyber insurance will continue to be generally available and affordable remains uncertain,” GAO noted.
“Despite the upward trend in take-up rates to date, insurer appetite and capacity for underwriting cyber risk has contracted more recently, especially in certain high-risk industry sectors such as health care and education and for public-sector entities.”According to Imprivata’s report, 70 percent of survey respondents whose organizations already had cyber insurance reported that their premiums had increased between 11 and […]