Forester: 25 Percent of Organizations Using Cyber ​​Insurance Can Detect Outages Within Seven Days

A recent report from Forrester, a London-headquartered research and consulting firm, revealed that 25 percent of organizations with standalone cyber insurance policies were able to detect a cyber incident within seven days, compared to just 18 percent of those with cyber coverage embedded in other insurance policies.

The same report also revealed that around 37 percent of the companies surveyed had secured coverage worth US$100 million or more for protection against cyber threats.

This trend shows the growing importance of cyber insurance as a tool for transferring risk in the increasingly complex digital business era.

Cyber ​​Insurance or cyber security insurance is a product that allows businesses to mitigate the risk of cybercriminal activities such as cyber attacks and data breaches.

This protects organizations from the impact of internet-based threats that affect IT infrastructure, information governance, and information policies, which are often not covered by commercial liability policies and traditional insurance products.
“Companies with more complex IT environments and those managing large volumes of customer data are increasingly opting for greater cyber protection,” explained the Forrester report, quoted from Insurance Asia, Saturday (31/8).

Organizations with standalone cyber insurance policies are more likely to invest in advanced security technologies, including implementing zero trust architectures, which are designed to reduce the risk of both internal and external attacks.

Not only that, the report also found that companies that have standalone cyber insurance have faster response times to incidents.

About 29 percent of these companies were able to respond to incidents within seven days, a figure significantly higher than those without standalone cyber insurance.