The survey reveals that almost half (48%) of organizations with a cyber insurance policy had to enhance their security posture to meet the insurer’s requirements. Among those, 30% made changes simply to be eligible for the policy compared to 22% a year ago. 18% of respondents say they implemented additional security measures in order to reduce the cost of a policy, down from 28% in 2023. What’s more, almost 1 in 5 (19%) insured organizations used their cyber insurance policy within the last 12 months.

The most common security measure required by insurers in 2024 is multi-factor authentication, named by 75% of respondents (up from 65% in 2023), followed by patch management (55%) and regular cybersecurity training for employees (49%). Moreover, insurance companies are now more likely to require advanced security solutions. Indeed, in 2024, 45% of respondents named IAM among the requested security measures in place, up from 38% in 2023, and 42% said the same about PAM compared to 36% in 2023.

“One thing insurance providers understand well is risk management. They know that, sooner or later, adversaries with enough motivation and resources will infiltrate an IT environment,” says Ilia Sotnikov, Security Strategist at Netwrix. “PAM makes it harder for attackers to move laterally through the environment and escalate their privileges, and it ensures they will create more noise along the way. All this gives the security team the opportunity to detect and respond to attacks in time to prevent significant losses. And minimizing the loss (e.g., the payout request) is exactly what insurance providers are looking for.”

Learn how a logistics firm secured a cyber insurance renewal by implementing a PAM solution in just two months here.

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Ransomware has been an increasing threat targeting organizations of all sizes. In 2020, 47 percent of cyber insurance claims reported to Coalition were ransomware attacks and targeted businesses of all sizes. The majority of these claims could have been prevented with an EDR solution in place or contained with rapid incident response services.

“The complexity, severity, and frequency of cyber attacks continue to increase. To keep pace, the tools and services we arm our policyholders with need to match this trajectory,” said Matt Dort, Head of Technology Alliances for Coalition. “Partnering with SentinelOne brings scale to our incident response and simplicity to intricate threats.”

“A risk management strategy shouldn’t end with security solution deployment,” said Chuck Fontana, Senior Vice President, Business & Corporate Development for SentinelOne. “The combination of Coalition’s cyber insurance and SentinelOne’s suite of services ensures there are no gaps in an organization’s strategy.”

SentinelOne Singularity XDR, which is a combination of endpoint protection and endpoint detection and response, provides next-gen prevention and EDR capabilities to achieve autonomous protection, visibility, and response at machine speed. SentinelOne recently participated in the MITRE Engenuity evaluation, where it was the only vendor to achieve complete visibility with zero missed detections across both Windows and Linux environments. SentinelOne was also recognized by Gartner as a Leader in the 2021 Magic Quadrant for Endpoint Protection Platforms and received the highest score for all three customer types in Gartner’s Critical Capabilities for Endpoint Protection Platforms report.

Coalition’s unique product and partner offering combines best-in-class cyber insurance and proactive cybersecurity tools to help organizations manage cyber threats and protect the value of their entire business. Its all-new platform, Coalition Control, provides free attack surface monitoring to any organization to help them visualize and mitigate their cyber risk right away. Inside Coalition Control is a robust partner ecosystem that helps prevent incidents from happening, while Coalition’s comprehensive cyber insurance covers the full breadth of cyber peril, including cyber crime, forensics, bodily injury and property damage, and more, to offer support before, during, and after a crisis.

To learn more about Coalition, visit https://www.coalitioninc.com/.

To read more about SentinelOne, visit their blog or website at https://www.sentinelone.com/.

Image licensed by Pixabay.com

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