Report: Business see rise in cyber insurance costs and requirements

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A new report reveals that more than 40% of businesses have reported an increased requirement from insurers for cybersecurity tools.

The 2023 Data Health Check, released by Databarracks, surveyed 500 UK IT decision makers across several industries. According to the report, seven out of 10 companies reported changes to their cyber insurance in the last 12 months. More than 40% of organizations reported an increased requirement from their insurers over the last 12 months for cybersecurity tools. Just under a third said they had experienced an increase in the cost of cyber insurance.

More than half of those who experienced a cyber attack in the last 12 months made a claim on their cyber insurance. The banking and finance sector reports the highest number of claims compared to other industries, according to the report.

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