Editor's note: This column is part of PropertyCasualty360's Foundations of P&C Insurance series, which aims to bring new insurance professionals up to speed, while keeping industry veterans sharp. On Fridays, PC360 will offer up fresh content covering the nitty-gritty details of P&C insurance, tips for professional development, articles looking at the industry's more niche concepts, and the history of certain lines and programs. In addition to higher rates and longer timelines to obtain cyber insurance, companies seeking coverage this year said they were faced with a growing list of exclusions, according to a survey from Delinea. Lack of security protocols was the most common exclusion, cited by 43% of businesses surveyed. Human error, internal bad actors and acts of war were also common exclusions. The above slideshow offers more details on common cyber insurance exclusions. "Over the past year, it's become evident that cyber insurers are learning from their data and are now maturing," Joseph Carson, chief security scientist and advisory CISO at Delinea, said in a release. "In the early days of cyber insurance, they were just trying to address a huge demand, but now they realize they must reduce their own exposure to both avoidable and uncontrollable circumstances." When it came to security controls that carriers wanted to see, identity and access management platforms (IAM) and privileged access management controls (PAM) were commonly mentioned by survey respondents. Around half said they bought into an IAM platform, 44% purchased a password vault and 44% acquired a PAM solution. "These are essential security controls to add to cybersecurity strategies, along with basics like anti-malware software, data encryption, firewall and intrusion detection, patching and vulnerability management," Carson said. Related:
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