Delinea released its latest Cyber Insurance Report. Based on a comprehensive survey of 300 decision-makers, the report reveals key trends like how U.S. companies are increasingly adopting advanced technologies such as Artificial Intelligence (AI) to secure robust cyber insurance coverage and mitigate rising costs. 

"Insurance companies increasingly require proof of robust identity controls, with 41% demanding evidence of least privilege access. Given that identity and privilege compromises account for 47% of attacks leading to insurance claims, this is hardly surprising," said Rick Hanson, President of Delinea. "Investing in identity security solutions has become essential for securing cyber insurance. At Delinea, we address these demands with AI-driven solutions that enhance security, deploy quickly, and require 90% fewer resources than our competitors. Our platform ensures organizations meet stringent insurance requirements while significantly bolstering their overall risk management." 

As organizations continue to invest in a complex enterprise environment, cyber insurance will increasingly rely on advanced technologies like AI and identity solutions to keep pace with the volatile threat landscape. Delinea's Cyber Insurance Report highlights growing challenges companies face in maintaining insurability amidst evolving risk factors. 

Key Findings: 

• High Frequency of Claims: The survey reveals that cyber insurance claims remain high, with 62% of respondents filing a claim in the last 12 months. Notably, over 27% of these respondents have filed multiple claims, highlighting the ongoing and intensifying nature of cyber threats. 

• Identity Security Under Scrutiny: A significant finding from the report is the critical role of identity security in cyber incidents. Nearly half (47%) of attacks leading to insurance claims are linked to identity and privilege compromises. This emphasizes the need for robust identity security measures as a fundamental component of any organization's cybersecurity strategy. 

• Insurance Requirements for Identity Security: The report also highlights that 41% of insurance companies require proof of least privilege access controls or authorization before granting a policy. Additionally, 95% of U.S. companies reported the necessity of investing in identity security solutions before obtaining cyber insurance. These findings underscore the growing demand for stringent identity security protocols to secure comprehensive coverage. 

• AI Adoption for Lower Premiums: The report reveals that half of U.S. companies are now leveraging AI-supported threat detection and monitoring solutions. These advanced technologies are proving instrumental in reducing cyber insurance premiums, offering a strategic advantage to policyholders in an environment where overall insurance costs are on the rise. 
  

The importance of identity security is echoed by security and cyber insurance experts: 

"As cyber insurance claims increasingly stem from identity-related incidents, strong identity security is essential. Organizations must prioritize managing privileged access, a key focus for underwriters due to its role in breaches. With Delinea, access management not only strengthens security but also leads to better insurance terms and aligns with board-level expectations for robust governance and risk management," said Myrna Soto, CEO of Apogee Executive Advisors. 

"The frequency of claims tied to identity compromises underscores the ongoing gaps in many organizations' security strategies", said C.J. Dietzman, Senior Vice President at Allianz Insurance Service. "Insurers now require clear evidence that identity risks are being proactively managed. Delinea's security solutions empower organizations to detect and respond to threats quickly, reducing both the likelihood of incidents and the severity of claims".