## Tips to find cyber insurance coverage in 2025
Summary
As cyber threats continue to escalate, securing cyber insurance has become a necessity for businesses. With interest skyrocketing, especially following rampant ransomware attacks, navigating the evolving landscape of cyber insurance is more crucial than ever. While many firms look to transfer risk through coverage, recent statistics reveal challenges: by 2024, almost 40% of cyber claims were denied, and carriers actively adjusted their offerings due to financial strain.
This article lays out practical tips for organisations aiming to secure the right cyber insurance coverage in 2025, with a focus on risk assessment, choosing brokers, understanding policy details, and ensuring compliance with security standards.
Key Points
- Cyber insurance interest has surged, driven by increasing ransomware threats and financial losses from data breaches.
- Past trends show a high denial rate for claims, with 40% of claims denied by 2024 due to various factors.
- Timing is critical; start the process of obtaining insurance four to six months before application or renewal.
- Perform a thorough risk assessment to understand your organisation’s cyber vulnerabilities and insurance needs.
- Engage with a knowledgeable broker or agent who understands the specific risks and requirements of your business.
- Review policy coverage options carefully to ensure they meet your needs and clarify definitions to avoid surprises.
- Implement recommended security measures to improve your risk profile and reduce premiums.
- Be cautious of silent cyber loopholes in traditional policies that may leave coverage unclear.
- Coordinate between various departments to ensure all aspects of cybersecurity and compliance are addressed.
Why should I read this?
If you’re a business owner or involved in risk management, this article is a must-read! With cyber threats growing more sophisticated, understanding how to effectively secure insurance coverage is vital for your organisation’s protection against potential financial disasters. We’ve done the legwork, saving you time while equipping you with essential insights into navigating the complexities of cyber insurance in 2025. Dive in and get ahead of the curve!