CYBERSECURITY
year-on-year . According to research conducted by FitchRatings US , claims volume has risen 100 % annually over the past three years .
In part a result of this , the cost of cyber insurance has risen steeply during 2022 both in the US and the UK . According to Marsh , the UK cyber insurance market experienced a pricing increase of 102 % year-over-year in the first quarter of 2022 .
As a result of rising claim costs , the insurance industry is tightening their qualifying requirements and limiting their coverage . Cyber insurers now require organisations to provide information about their security controls if they want coverage . This can include technical , procedural , and human controls .
CEO of network security company Meterian Vivian Dufour says : “ Many cyber insurers have tightened their standards and are no longer paying out for breaches that have resulted from a known vulnerability . This should serve as a sharp wakeup call to boardrooms that deploy technology with little thought to the security implications . If companies want to ensure they continue to receive all the benefits of their policy , it ’ s vital that they have a rigorous patch management system . Corporates may have short memories when it comes to known vulnerabilities but , as the evidence shows , cyber criminals do not .
“ Companies must increase visibility and transparency of the components in their open-source software and applications if they are to stay one step ahead of cyber criminals . Without continuous management of your governance , risk , and compliance of open-source , your company is walking a tightrope without a safety net . Those that fail to learn from history are doomed to repeat it .” cybermagazine . com 43