Cyber Insurance: No Detection and Response? No coverage.
Cybersecurity insurance has become an increasingly important consideration for businesses in today's digital age. With data breaches and cyber-attacks becoming more frequent and sophisticated, companies need to ensure that they have adequate protection in place. This new reality has cybersecurity insurance providers reevaluating the market and their position in providing coverage, which means coverage is not being renewed or premiums are increasing. Cyber insurance premiums increased by an average of 28% in the first quarter of 2022 compared with the fourth quarter of 2021 (CNBC). Insurance companies are not afraid to say no to new coverage requests or renewals if an organization's defenses are lacking or data recovery plans are inadequate. Cyber Insurance companies are now circulating screening documents and checklists to help determine the overall risk that covering an organization poses. Part of that questionnaire requires detection and response capabilities. While cyber insurance can provide valuable protection and support…