Have you seen any major shifts in the world of cyber insurance recently?

1.7k views3 Comments

VP, Chief Security & Compliance Officer in Software, 1,001 - 5,000 employees
The landscape is adjusting so quickly. We have insurers that want to step out of their role as an insurer because of ransomware. We’re preparing for several liability insurance renewals and discussing what that risk tolerance looks like. Our approach to calculating and defining risk is quite traditional, and I'm not sure the calculations are adjusting to reflect those changes, especially with what we're seeing among insurers.

What I'm also seeing is that the insurers are becoming much more educated on what constitutes good hygiene. They're hiring professionals that can quickly assess based on the types of tools that we've deployed or purchased, level of inventory, etc. We don't get into the number of vulnerabilities, but they do ask questions like, "What is your exception management process?"
Head of Security and Compliance in Software, 51 - 200 employees
In dealing with all the insurance policy adjustments, and some of the issues related to new and evolving threats do pop up as part of that insurer’s questionnaire. There are a lot of requests for proposals (RFPs) that come to us from prospects and the insurance questionnaires almost reflect that RFP questionnaire. They have become so sophisticated that they're pretty much doing the due diligence of a company from top to bottom. Now they're grilling you on how you are protecting data, even to the extent of asking about Zero Trust access.
IT Manager in Services (non-Government), 10,001+ employees
When we were renewing our cyber liability insurance, it was almost like an audit in itself. I thought they were thorough and quite granular in the questions they were asking.

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