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Cyberinsurance Takes Longer to Obtain, Costs More

Organizations are spending more time securing and paying higher premiums for cyberinsurance, according to a survey of 300 US firms by Delinea. It found the number of organizations spending more than six months securing a policy has increased twentyfold since 2020. Delays and price increases of 50-100% have been cited by 67% of respondents. Almost half of those surveyed also stated that they utilized their cyberinsurance numerous times in the past year. The complexity of predicting damages and exclusion rulings were noted as challenges for this evolving industry.

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