Process for securing cyber cover increasingly time consuming

The time and effort needed to secure cyber insurance is increasing significantly, with the number of companies requiring 6 months or more to do so rising each year.

This is amongst the findings of PAM provider, Delinea’s, latest State of Cyber Insurance report.

Based on surveys of over 300 US-based organisations, the report sets out to uncover the latest trends and evolving patterns since last year’s report, which established that the demand for cyber insurance was "at fever pitch".

This year, companies that used their cyber insurance more than once increased to 47%, while 67% of respondents noted that their insurance rates increased 50% to 100% upon binding or renewal. While only one organisation said it took longer than 6 months to obtain or renew cyber insurance in the 2022 report, over 20 respondents indicated it took that long in this year’s survey.

See the next issue of CIR Magazine for more on this report.

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