Priya PatelIn a survey conducted by Recast Software and Ponemon Institute, it was found that 67% of IT and security professionals are “satisfied” to “extremely satisfied” with their cyber insurance. However, the survey also revealed that 48% of professionals had changed insurance carriers and 41% had experienced a rise in cybersecurity incidents.
The survey highlights the complex relationship between IT security professionals and their cyber insurance providers. While a majority of professionals are satisfied with their coverage, a significant portion have felt the need to switch carriers, potentially due to a lack of adequate coverage or dissatisfaction with their current provider.
The fact that 41% of organizations surveyed experienced an increase in cybersecurity incidents suggests that there is still work to be done in effectively mitigating and preventing cyber threats. This further emphasizes the importance of cyber insurance as a tool to manage the financial risks associated with these incidents.
It is worth noting that the survey did not provide specific reasons for the satisfaction or dissatisfaction of IT security professionals with their cyber insurance. Therefore, it is not clear what factors contribute to their level of satisfaction and whether there are any common issues or concerns that insurers should address.
Overall, the survey indicates that there is a level of satisfaction among IT security professionals with their cyber insurance, despite the challenges and increasing number of cybersecurity incidents. This suggests that cyber insurance plays a significant role in managing the financial impact of cyber threats and is viewed positively by professionals in the field.
