In December 2022, norm. conducted it’s annual ‘UK business confidence in cyber security’ survey. Targeted at Business and Technical leaders, the survey aims to understand the difference in attitudes towards cyber security between the two demographics and how collective attitudes are changing as a whole.
This year, due to the turbulence surrounding the market, norm. included cyber insurance questions to gain frontline insight into the struggles and demands of gaining cyber insurance cover in 2022.
Needless to say, the survey found that the majority of organisations that have a cyber insurance policy have seen an increase in premiums or a reduction in cover, more surprisingly some even reported that premiums have increased by as much as 76-100%.
With premiums increasing and cyber insurance becoming harder to procure, organisations have no choice but to start implementing more robust cyber security solutions, this is also reflected in the results of this year’s survey with over 40% of technical leaders that have a cyber insurance premium stating that improved cyber security controls was an observed change that would need to happen since the last time they renewed their insurance cover.
Take a look at the full findings of 2022’s survey below:
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