Delinea Reports Rising Cyber Insurance Claims Focused on Identity
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Rising Trends in Cyber Insurance Claims
Delinea, an innovator in securing identities, has just unveiled its enlightening Cyber Insurance Report indicating that a notable 62% of businesses have submitted claims for cyber insurance within the past year. This remarkable statistic draws attention to the ongoing challenges organizations face as they navigate the complexities of cybersecurity and insurance in a rapidly evolving landscape.
Impact of Advanced Technologies on Cyber Insurance
The report stems from an extensive survey involving 300 decision-makers and reveals a significant pivot towards implementing advanced technologies, particularly Artificial Intelligence (AI). As cyber threats become more sophisticated, many companies are recognizing the necessity of utilizing AI-driven solutions to fortify their cyber insurance coverage and keep escalating costs at bay.
The Stakes of Identity Security
A particularly intriguing finding of the report is the increasing scrutiny surrounding identity security measures. A staggering 41% of insurance providers are now demanding proof of robust identity controls, specifically least privilege access. This demand correlates directly with the fact that identity and privilege-related breaches account for 47% of claims made in recent months. Hence, investing in identity security solutions has shifted from being optional to crucial for companies seeking to obtain cyber insurance.
Continual Adaptation and Insurance Requirements
As the complexity of enterprise environments grows, so too does the pressure on businesses to adapt their cybersecurity strategies. The Dilemma reflects that 95% of participants in the survey now acknowledge the necessity to invest in identity security solutions as a prerequisite for acquiring cyber insurance. Companies must prioritize robust identity protocols to ensure comprehensive insurance coverage, underscoring the urgency for these measures.
AI's Role in Streamlining Insurance Costs
The adoption of AI technologies is proving to be a game changer in the quest for mitigating insurance costs. Approximately half of the surveyed companies are utilizing AI-enhanced threat detection and monitoring mechanisms. This not only yields lower premiums for organizations but also provides a competitive edge in an insurance market marked by rising expenses.
Expert Insights on Cyber Insurance Challenges
Experts in the realm of cybersecurity and insurance echo the findings of Delinea's report. Myrna Soto, CEO of Apogee Executive Advisors, emphasizes that as identity-related incidents become a predominant driver of insurance claims, the imperative for strong identity security grows. She highlights that managing privileged access remains vital for securing better insurance terms while aligning with corporate governance and risk management standards.
Addressing Gaps in Security Strategies
C.J. Dietzman, Senior Vice President at Allianz Insurance Service, remarks on the alarming trends tied to identity breaches. The frequency of claims showcases serious deficiencies in many organizations' security frameworks, prompting insurers to demand explicit evidence of proactive identity risk management. With Delinea's solutions, firms can effectively detect and counter threats while minimizing the risk and impact of cyber claims.
About Delinea
Delinea stands out in the realm of identity security by delivering centralized authorization solutions that bolster organizational safety. They empower businesses by providing a seamless approach to governance across diverse infrastructure, whether cloud-based, traditional, data, or SaaS applications. Their platform ensures that companies can not only pinpoint identities but also assign suitable access levels, detect anomalies, and respond to emerging identity threats in real time. Notably, Delinea facilitates quick deployments—often within a few weeks—and significantly decreases resource needs by 90% compared to competitors. With an impressive 99.99% uptime guarantee, Delinea delivers one of the most reliable identity security solutions on the market today.
Frequently Asked Questions
What percentage of companies filed cyber insurance claims?
According to Delinea's report, 62% of companies filed cyber insurance claims in the past year.
How significant is identity security in cyber insurance?
Identity security plays a critical role, with nearly 47% of claims related to identity and privilege breaches.
What share of companies use AI for cyber insurance?
Half of the surveyed companies are utilizing AI technologies for threat detection and monitoring to improve their cyber insurance outcomes.
What do insurance companies require for policies?
41% of insurance providers are now mandating proof of least privilege access controls to issue policies.
Where can I learn more about Delinea?
For more information about Delinea and their offerings, please visit their official website.
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