Welcome to the First Column IT Tech Blog

HomeBlog
The State of Cybersecurity Insurance Today: Emerging Trends

The State of Cybersecurity Insurance Today: Emerging Trends

August 8, 2022

The cybersecurity insurance market has grown exponentially in recent years, and it’s only expected to continue expanding. In fact, by 2028, the market is expected to be valued at a staggering $26.24 billion. It’s clear that as cybercriminals become more adept, businesses of all types are opting for more financial protection against the impacts of cyberattacks.

However, just as the market is growing, there are also more governmental and public efforts to tighten regulations surrounding cybersecurity insurance. These endeavors aim to help insurers and companies better understand risk management in the face of new cyberattacks. They also strive to outline what should be included in insurance policies.

To understand where cybersecurity insurance coverage stands today, check out these top trends the market is currently facing.

Top Four Cybersecurity Insurance Trends to Look Out For

Increased Premiums

Perhaps the most notable trend in cybersecurity insurance coverage is the jump in premium costs. In 2021, premium prices grew by 74% alone. The rise in premiums is due to the greater demand for cybersecurity insurance as more organisations face new and evolving cyberattacks. To combat high-cost premiums, many businesses are taking more preventive measures to avoid possible attacks. For instance, companies are undergoing cybersecurity awareness training and implementing stricter security controls in their systems.

Greater Emphasis on Cybersecurity Readiness

As the number of claims filed rises, so does insurers’ interest in a company’s risk history. After all, insurers want to avoid hefty payouts. In response, insurers are requiring businesses to increase their cybersecurity readiness by answering more questions and completing more documentation on their risk management history. For example, insurers are asking businesses about their incident response plans, prior history with breaches, and whether they’ve undergone any risk evaluations of their current cybersecurity.

Deeper Scrutiny of Vendors

As part of risk management, many insurers are taking a deeper look into businesses’ vendors. Insurance companies want to know how access to critical, private information have a greater risk of exposure if they are not following the same strict practices as the organization.

More Involved Government Regulation

Lastly, governments are becoming more involved in cybersecurity insurance regulation. This is largely due to the vast increase in cyberattacks, particularly ransomware, malware, and phishing. In the United States, more bills and resolutions are being introduced to provide a framework for addressing cybersecurity insurance coverage policies. Similarly, on a global scale, the European Commission has proposed new regulations that call for regular maturity assessments and plan implementations around cybersecurity.

Securing Cybersecurity in an Ever-Evolving World

With cybersecurity, businesses have two ways to optimise their efforts. The first is to take preventative measures by developing a risk management strategy and identifying and addressing security vulnerabilities in their system. The second is to examine cybersecurity insurance options. While costs are increasing, the demand for cybersecurity insurance coverage is justified. Cybercriminals will only get smarter, faster and stronger at breaching systems and causing financial disasters. At First Column, we’re here to help you with both

processes.

If you’re looking to learn even more about all things cybersecurity, check out more of our blogs in our resources section. Sign up for our newsletter to keep up with trending technology topics!

No items found.
Previous Post
April 30, 2025
How to Break the “Who Cares” Mindset
More often than not, you have an employee on staff who rolls their eyes whenever you have to send out another cybersecurity email or reminder. This “who cares” mindset is dangerous and can infect your business in a profoundly disturbing way. Today, we want to get into why this “who cares” mindset is so dangerous and what’s really at stake when you have an employee who can’t get on board with your security policies.
April 28, 2025
Learn How Resilience is Reshaping the Cybersecurity Landscape
While the goal of cybersecurity is always to prevent threats from taking advantage of your infrastructure, this is becoming more and more challenging as time wears on and threats evolve to changes in cybersecurity discourse. A recent podcast episode from Illumio, “Trust & Resilience: The New Frontlines of Cybersecurity,” explores how trust has become a vulnerability that attackers exploit in new and creative ways. How can cybersecurity as an industry pivot in response to this trend?
April 25, 2025
Everything You Need to Know About Business Tech Updates
While technology is an important part of your business, it shouldn’t be distracting you from carrying out your company’s mission. Indeed, it can be difficult to stay up-to-date on the latest practices and solutions, and it can feel impossible to keep up. While you could adopt the “good enough” policy that many businesses settle for, we think you should take a different approach—one that will make you impossible to compete with if carried out appropriately.

Have a project in mind?

Start with our free consultation for VA, DC and MD companies. We will provide a detailed proposal and firm quote based on your specific IT support needs. All at a predictable monthly cost per seat.
Free Consultation - Sign Up Here