Nearly 80% of companies with cyber cover have used it: Survey

Almost 80% of information technology professionals whose companies have cyber insurance have used it, and half of those have done so multiple times, says a survey.

However, less than half of those with the coverage reported their policies cover data recovery, according to 301 U.S.-based information technology professionals questioned in a survey conducted in August and September that was sponsored by Redwood City, California-based Delinea, a cybersecurity company.

In addition, 60% or more of policies do not cover costs related to victim identity and credit monitoring, incident response, hardware and software replacement, regulatory fines and third-party damage, according to the survey report.

A total of 70% said their policies do not provide for ransomware payment coverage.

More than half of the policies require employees to be trained in cybersecurity awareness, while just under 50% require malware protection, antivirus software, multifactor authentication and a backup strategy, the respondents said.

The survey also found that almost 70% of companies have cyber insurance or are in the process of getting it, while just under 20% are considering its purchase. Most companies were able to get the coverage in place in under three months. Of those who apply, 5% were denied.

A total of 75% reported their cyber insurance costs have increased since their last renewal, with 65% of those stating the increase was 50-100%.