Cyber insurance requirements are also driving heavy investment in cybersecurity tools. In the past year, 96% of companies surveyed purchased a cybersecurity solution to before being approved for coverage. Credit: Den Rise/Shutterstock.com Cyber insurance requirements are also driving heavy investment in cybersecurity tools. In the past year, 96% of companies surveyed purchased a cybersecurity solution before being approved for coverage. Credit: Den Rise/Shutterstock.com

During the past year, nearly 80% of businesses saw an increase in their cyber insurance costs, with 67% saw an increase of 50%-100%, according to a survey from privilege access management platform provider Delinea. Despite the growing cost, and highlighting the vital nature of cyber insurance today, 81% of organizations increased their budgets to meet the growing cost.

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Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]

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