target audience: TECH SUPPLIER Publication date: Mar 2024 - Document type: IDC Survey Spotlight - Doc Document number: # US51949124
Are Companies Finally Waking Up to the Value of Security Frameworks?
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Abstract
This IDC Survey Spotlight highlights the results of a recent IDC survey regarding trends in correlation between compliance with cybersecurity frameworks and cyberinsurance premium negotiations in the market, and the following trends emerged:
- Ransomware attacks exploded both during and after COVID-19 that led to cyberinsurers having to deal with a huge influx of claims largely because organizations were not as secure as originally thought.
- Cyberinsurers are now looking to the existing cybersecurity frameworks as a means to ensure clients are compliant with these frameworks.
- The next evolution will have cyberinsurers inspecting compliance throughout the policy cycle instead of once per year as is happening now.