{"id":536,"date":"2024-09-10T12:46:11","date_gmt":"2024-09-10T12:46:11","guid":{"rendered":"https:\/\/scott-carrington.com\/?p=536"},"modified":"2024-09-10T12:46:13","modified_gmt":"2024-09-10T12:46:13","slug":"insurers-and-asset-managers-continue-to-invest-in-longer-term-cybersecurity-planning-moodys","status":"publish","type":"post","link":"https:\/\/scott-carrington.com\/index.php\/2024\/09\/10\/insurers-and-asset-managers-continue-to-invest-in-longer-term-cybersecurity-planning-moodys\/","title":{"rendered":"Insurers and asset managers continue to invest in longer term cybersecurity planning: Moody\u2019s"},"content":{"rendered":"

A vast majority of insurers and asset managers are continuing to invest in longer term cybersecurity planning and have put in place advanced cybersecurity protection, a new report from Moody’s Ratings reveals.<\/p>\n

\"cyber-security\"According to Moody’s, these efforts reflect the growing frequency and sophistication of cyberattacks, as well as increased regulatory expectations regarding cyber resilience.<\/p>\n

The agency noted, that take up of cyber insurance within these two sectors varies by region and is highest in the Americas.<\/p>\n

In another recent report from the agency, Moody’s explained that the cyber insurance market is poised for significant growth over the next several years<\/a> as cyberattacks continue to grow in number and sophistication.<\/p>\n

According to a cyber survey from Moody’s of 110 companies comprised of insurers and asset managers, respondents’ total investment in cybersecurity rose by more than 50% between 2019 and 2023.<\/p>\n

This sharp increase comes in response to more frequent and cyberattacks globally and growing regulatory requirements regarding cyber resilience and disclosure. Organisations across the Americas – which account for a large majority of such attacks – reported a 65% increase in cybersecurity spending, while organisations in the Europe, the Middle East, and Africa (EMEA) region saw a 51% rise, followed by those in the Asia Pacific (APAC) region, with growth of 48%.<\/p>\n

As well as this, the share of total IT budgets devoted to cyber risk increased to 8% in 2023 from 5% in 2019. In fact, this allocation has grown across all regions over the last five years, led by APAC, where it rose to 10% from about 4%.<\/p>\n

Moody’s explained that APAC has become “increasingly attractive” to cybercriminals, due to the region’s rapid digital
\nadoption often outpacing the implementation of necessary security measures.<\/p>\n

Meanwhile, increased cybersecurity spending has allowed businesses to further expand and bulk out their in-house cyber expertise, with the number of cybersecurity employees rising by about 23% between 2019 and 2022.<\/p>\n

Moody’s survey also shows that the use of standalone cyber insurance among insurers and asset managers remains high, despite its higher cost and a decline in typical cyber insurance limits.<\/p>\n

Roughly 78% of respondents have cyber insurance coverage. Whereas, standalone cyber insurance coverage remain most prevalent in the Americas, where it is used by 94% of respondents, which compares with 55% in EMEA and 29% in APAC.<\/p>\n

It’s also important to highlight, that cyber insurance premiums rose steeply between 2020 and 2022, with insurers, brokers and asset manager respondents reporting double-digit increases or higher. However, despite higher premiums, almost 85% of surveyed businesses said they planned to keep their insurance coverage unchanged in the next twelve months, while 13% said they aimed to increase it.<\/p>\n

Furthermore, Moody’s notes that the ultilisation of cloud services is likely to grow further, as more insurers and asset managers have been gradually shifting IT workloads to private and public cloud infrastructure.<\/p>\n

Around 65% of the respondents’ IT infrastructure remains on site and respondents aim to reduce this figure to 55% within the next year.<\/p>\n

The post Insurers and asset managers continue to invest in longer term cybersecurity planning: Moody’s<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

A vast majority of insurers and asset managers are continuing to invest in longer term cybersecurity planning and have put<\/p>\n","protected":false},"author":1,"featured_media":538,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"_links":{"self":[{"href":"https:\/\/scott-carrington.com\/index.php\/wp-json\/wp\/v2\/posts\/536"}],"collection":[{"href":"https:\/\/scott-carrington.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/scott-carrington.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/scott-carrington.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/scott-carrington.com\/index.php\/wp-json\/wp\/v2\/comments?post=536"}],"version-history":[{"count":2,"href":"https:\/\/scott-carrington.com\/index.php\/wp-json\/wp\/v2\/posts\/536\/revisions"}],"predecessor-version":[{"id":539,"href":"https:\/\/scott-carrington.com\/index.php\/wp-json\/wp\/v2\/posts\/536\/revisions\/539"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/scott-carrington.com\/index.php\/wp-json\/wp\/v2\/media\/538"}],"wp:attachment":[{"href":"https:\/\/scott-carrington.com\/index.php\/wp-json\/wp\/v2\/media?parent=536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/scott-carrington.com\/index.php\/wp-json\/wp\/v2\/categories?post=536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/scott-carrington.com\/index.php\/wp-json\/wp\/v2\/tags?post=536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}