Security News > 2022 > October > Can IAM help save on cyber insurance?

As cyber threats grew, so did the appetite for risk transfer, with the US Government Accountability Office noting a dramatic increase in the proportion of insurance clients taking out cyber insurance policies.

The change in infrastructure and access methods created yet more layers of security risk, making cyber risk transfer even more problematic for underwriters.

This, along with other evolving security risks, transformed the still-nascent cyber insurance industry into a 'hard market'.

"Now, with cyber insurance as a risk management requirement and potential savings on policies it's a much easier argument to win. IAM can clearly demonstrate value for the business."

Insurers are already asking more questions about the management of access credentials on their cyber insurance premium questionnaires.

As underwriters continue to turn up the pressure on cyber insurance clients, we're seeing a traditionally conservative industry tackle the challenge of insuring against a dynamic, fast-moving set of risks.

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