Cloud security is the main concern of security experts
Cloud security remains the biggest concern for cybersecurity experts, a survey shows. For 39 percent of respondents, securing the cloud is the main cause for concern, followed by ransomware (16 %) and a distributed workforce (12 %). The data on cyber insurance is also interesting.
For the survey of Delinea more than 100 cybersecurity professionals were surveyed at this year's RSA Conference in San Francisco about their current most pressing cyber hygiene implementation issues and cyber insurance strategies. In addition to the above results, the survey found that demand for cyber insurance has declined: According to the survey, only 32 percent of respondents applied for insurance coverage or renewed an existing policy in the past year. This is a 9 percent decrease from 2022, when 41 percent of security professionals said their company already had cyber insurance or was strongly considering it.
Budget constraints are biggest obstacle
Reasons for this decline could point to a dangerous overestimation of one's own cybersecurity on the one hand, but could also be related to the rising cost of insurance coverage, Delinea writes. According to the survey, nearly 42 percent of respondents still cited budget constraints as the biggest barrier to purchasing cyber insurance, followed by meeting technical requirements (22 %) and executive approval (21 %).
The main reason for using cyber insurance was cited by 40 percent of respondents as meeting compliance requirements, 29 percent as the ongoing threat of ransomware, and 13 percent and 12. percent cited executive and customer requirements here, respectively, as it further states
"With the increasing adoption of security standards for regulatory compliance, it is more important than ever for companies to prioritize cybersecurity, not only to meet these requirements, but also to ensure that sensitive company, employee and customer data is protected at all costs," said Joseph Carson, Chief Security Scientist and Advisory CISO at Delinea. "Changing requirements and the rising cost of cyber insurance make it increasingly important for companies to maintain security controls that keep cyber policy costs affordable."
PAM plays an important role when purchasing cyber insurance
Although nearly half (45 %) of survey respondents reported having no or very basic privileged access management (PAM) controls in place, according to the survey, PAM is nonetheless recognized as a top priority for effective cyber hygiene. Accordingly, 34 percent of respondents said PAM is one of the top three technologies their organizations invest in to qualify for cyber insurance.
"PAM solutions offer a significant advantage to organizations that want to demonstrate to potential cyber insurers that they have reduced their risk and become more resilient to cyber attacks," Carson continued.
Source: Delinea
