A new report on the state of email security sheds some light on how organizations are viewing and approaching cyber insurance as they shift strategy toward being cyber resilient.
The topic of cyber insurance has been covered quite a bit here on this blog. From when cyber insurance first began as a concept, to the challenges it poses for organizations looking as their last resort after an attack, to changes in insurance policy and law.
Now it seems organizations are largely realizing what cyber insurance can and can’t do for them.
According to new data in Mimecast’s State of Email and Collaboration Security 2024 report:
- 65% of organizations no longer see “cyber insurance as a comprehensive safety net for coping with cyber threats” — this is up from 50% last year
- 66% are less likely to rely on cyber insurance “due to the restrictions insurers are placing on these policies” — up from 52% last year
However, this doesn't mean everyone is running away from cyber insurance. According to the report, 99% still have a policy and 45% have two or more. Cyber insurance still has a meaningful place for organizations, but for very specific coverages of very specific attack events.
In other words, its intended use is heading toward coverage of catastrophic cyber events.
This means that organizations are compensating with stronger security controls that align with attacks that include protecting email, protection from AI-based attacks, and security awareness training to get the user to play a role in protecting the organization.
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