target audience: TECH SUPPLIER Publication date: Mar 2023 - Document type: IDC Survey - Doc Document number: # US50436022
Cyberinsurance Maturity Trends in 2023
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Abstract
This IDC Survey highlights cyberinsurance maturity trends in 2023. In a recent IDC survey on the state of the cyberinsurance maturity in the market, the following trends emerged:
- Cyberinsurance can provide a means for financial stability in the event of a cyberattack or cyberincident. Cyberinsurance acquisition has grown over 44% in the past five years.
- Cyberinsurance premiums have grown between 16% and 60% post-COVID-19 pandemic. One of the key reasons is the dramatic growth in ransomware during the same time period.
- 44% of organizations need an assessment before buying cyberinsurance and are leveraging qualified cybersecurity service providers.
- Annual assessments are required by cyberinsurers to ensure an organization security posture is either maintained or improved.
- Breach and incident response continue to dominate the key components of the cyberinsurance policy needs.