• About Us
  • Advertising
  • Digital Magazine
  • Supplements
  • Media Pack
  • Privacy Policy
  • Contact us
CXO Insight Middle East
  • News
  • Opinion
  • Business
    • Industries
      • Transport
      • Retail
      • Government
      • Real Estate
      • Education
      • Energy
      • Banking and Finance
    • Channel
  • Future
    • Tech
    • Gadgets
    • Science
    • Space
    • Sustainability
  • Events
    • Channel Insights Summit 2025
    • Insight Innovation Summit
    • CXO50 Oman
    • CXO50
    • ICT Awards
      • Dubai 2025
      • Saudi Arabia
    • Cyber Strategists Summit
    • Cloud Connect 2025
    • Channel Awards 2024
    • All events
  • GITEX
  • Digital Magazine
No Result
View All Result
CXO Insight Middle East
  • News
  • Opinion
  • Business
    • Industries
      • Transport
      • Retail
      • Government
      • Real Estate
      • Education
      • Energy
      • Banking and Finance
    • Channel
  • Future
    • Tech
    • Gadgets
    • Science
    • Space
    • Sustainability
  • Events
    • Channel Insights Summit 2025
    • Insight Innovation Summit
    • CXO50 Oman
    • CXO50
    • ICT Awards
      • Dubai 2025
      • Saudi Arabia
    • Cyber Strategists Summit
    • Cloud Connect 2025
    • Channel Awards 2024
    • All events
  • GITEX
  • Digital Magazine
No Result
View All Result
CXO Insight Middle East
No Result
View All Result

76% of Companies Improved Their Cyber Defences to Qualify for Cyber Insurance, Sophos Survey Finds

by CXO Staff
June 27, 2024
in News

Recovery Costs from Cyberattacks Outpace Insurance Coverage

76% of Companies Improved Their Cyber Defences to Qualify for Cyber Insurance, Sophos Survey Finds

Sophos released findings from its survey, “Cyber Insurance and Cyber Defences 2024: Lessons from IT and Cybersecurity Leaders.” According to the report, 97% of those with a cyber policy invested in improving their defences to help with insurance, with 76% saying it enabled them to qualify for coverage, 67% to get better pricing and 30% to secure improved policy terms.

The survey also revealed that recovery costs from cyberattacks are outpacing insurance coverage. Only one percent of those that made a claim said that their carrier funded 100% of the costs incurred while remediating the incident. The most common reason for the policy not paying for the costs in full was because the total bill exceeded the policy limit. According to The State of Ransomware 2024 survey, recovery costs following a ransomware incident increased by 50% over the last year, reaching $2.73 million on average.

“The Sophos Active Adversary report has repeatedly shown that many of the cyber incidents companies face are the result of a failure to implement basic cybersecurity best practices, such as patching in a timely manner. In our most recent report, for example, compromised credentials were the number one root cause of attacks, yet 43% of companies didn’t have multi-factor authentication enabled,” said Chester Wisniewski, director, global Field CTO.

“The fact that 76% of companies invested in cyber defences to qualify for cyber insurance shows that insurance is forcing organisations to implement some of these essential security measures. It’s making a difference, and it’s having a broader, more positive impact on companies overall. However, while cyber insurance is beneficial for companies, it is just one part of an effective risk mitigation strategy. Companies still need to work on hardening their defences. A cyberattack can have profound impacts for a company from both an operational and a reputational standpoint, and having cyber insurance doesn’t change that.”

Across the 5,000 IT and cybersecurity leaders surveyed, 99% of companies that improved their defenses for insurance purposes said they had also gained broader security benefits beyond insurance coverage due to their investments, including improved protection, freed IT resources and fewer alerts.

“Investments in cyber defences appear to have a ripple effect in terms of benefits, unlocking insurance savings that organisations can be diverted into other defenses to more broadly improve their security posture. As cyber insurance adoption continues, hopefully, companies’ security will continue to improve. Cyber insurance won’t make ransomware attacks disappear, but it could very well be part of the solution,” said Wisniewski.

Data for the Cyber Insurance and Cyber Defenses 2024: Lessons from IT and Cybersecurity Leaders report comes from a vendor-agnostic survey of 5,000 cybersecurity/IT leaders conducted between January and February 2024. Respondents were based in 14 countries across the Americas, EMEA and Asia Pacific. Organisations surveyed had between 100 and 5,000 employees, and revenue ranged from less than $10 million to more than $5 billion.

Tags: Cyber DefencesSophos
ShareTweet

Related Posts

UAE execs trust AI with ‘high-stakes’ decisions, says Endava
Business

UAE execs trust AI with ‘high-stakes’ decisions, says Endava

A growing majority of business leaders in the UAE are placing unprecedented trust in artificial intelligence (AI), not only for...

July 17, 2025
Gartner predicts 40% of AI data breaches will arise from cross-border GenAI misuse by 2027
Future

Okta, Palo Alto Networks team up to strengthen AI-driven security

As cyber threats become increasingly sophisticated, identity has emerged as a critical line of defence. Okta and Palo Alto Networks...

July 17, 2025

Discussion about this post

Latest Issue

UAE execs trust AI with ‘high-stakes’ decisions, says Endava

UAE execs trust AI with ‘high-stakes’ decisions, says Endava

July 17, 2025
Gartner predicts 40% of AI data breaches will arise from cross-border GenAI misuse by 2027

Okta, Palo Alto Networks team up to strengthen AI-driven security

July 17, 2025
Global PC shipments rise, enterprise leads the way: report

Global PC shipments rise, enterprise leads the way: report

July 17, 2025

The most trusted source of strategic intelligence for IT decision makers in the Middle East.

About

  • About Us
  • Advertising
  • Digital Magazine
  • Supplements
  • Media Pack
  • Contact Us

Policies

  • Privacy Policy
© 2025 – CXO Insight Middle East. All Rights Reserved.
Facebook-f X-twitter Linkedin
Separated they live in Bookmarksgrove right at the coast of the Semantics, a large language ocean. A small river named Duden.

About

  • About Us
  • Site Map
  • Contact Us
  • Career

Policies

  • Help Center
  • Privacy Policy
  • Cookie Setting
  • Term Of Use

Join Our Newsletter

© 2024 – CXO Insight Middle East. All Rights Reserved.

Facebook-f Twitter Youtube Instagram

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Join our mailing list
Sign up here to get the latest news, updates and special offers delivered directly to your inbox.
No Result
View All Result
  • News
  • Opinions
  • Business
    • Industries
      • Transport
      • Retail
      • Government
      • Real Estate
      • Education
      • Energy
      • Banking and Finance
  • Channel
  • Future
    • Tech
    • Gadgets
    • Science
    • Space
    • Sustainability
  • Events
    • Channel Insights Summit 2025
    • Insight Innovation Summit
    • CX50 Oman
    • CXO50
    • ICT Awards
      • Dubai
      • Saudi Arabia
    • Cyber Strategists Summit
    • Cloud Connect 2025
    • Channel Awards 2023
    • All events
  • Videos
  • GITEX GLOBAL
  • Digital Magazine

© 2025 - CXO Insight Middle East. All Rights Reserved.