I just bought an electric car last week, so I’ve been shopping for new car insurance policies that could offer me a discount for ditching gas.
We’re all familiar with the boring process of entering the same information 10 times over into 10 different companies’ websites trying to see who comes out the cheapest and offers the best bundles, discounts or deals.
Unfortunately, with cybersecurity insurance, there are no bundles or “Personal Price Plans” to enroll in, and costs are rising.
This is nothing to say about whether an organization should get cyber insurance. That is 100 percent their decision to make, and every case is going to be different. But for companies who are interested in getting these types of policies to be best prepared to recover from and deal with a potential security incident, it’s now more expensive than ever to get cyber insurance.
A report last week from Dark Reading indicated that cyber insurance costs are expected to rise over the next 12 to 24 months. This would be after premiums for these plans rose 50 percent in 2022, according to Bloomberg, though they largely held steady in 2023.
This problem isn’t isolated to just the U.S., either. A November report from business continuity service Databarracks surveyed companies in the U.K. and found that nearly a third of respondents said their cyber insurance had increased in cost over the past year, while more companie ..
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