The cyber insurance market is hardening and becoming more mature as years pass and the market shifts and accommodates to new trends and data points. This means companies who are considering purchasing cyber insurance will need to keep up with a changing market and adapt.
Recent developments are affecting cyber insurance pricing, requirements organizations need to meet, and the cybersecurity technology and solutions that can impact the cost of cyber insurance for an organization.
We’ll show you what you need to know about recent cyber insurance trends and shifts, and how XDR, advanced detection and response tools, and MDR services can play a part in order to better enable you to intelligently procure cyber insurance.
A quick overview of cyber insurance
In a nutshell, cyber insurance is a service that can help offset some of the costs associated with a data breach or cybersecurity compromise. A data breach or compromise can be costly and not just because of the data lost or compromised. Depending on the severity of the compromise, a company can incur major costs associated with:
Investigation: A company may have to bring in third-parties and a forensic investigator Response: An organization’s incident response requires funding and resource