•  40-44% of cyber insurance claims are denied and nearly half never get paid out.
•  Denials are increasing year on year – 30% in 2022 → 36% in 2023 and 40% in 2024.
•  Top denial reason: Companies fail to meet their own stated security requirements (e.g. MFA, backups, patching).
  
  

In the face of rising premiums, tightening underwriting standards, and increasingly sophisticated threats, risk buyers are under pressure to demonstrate more than just basic compliance; they must prove cyber resilience.

The cyber insurance market is evolving quickly, and getting coverage is becoming more difficult due to stricter requirements. This Cyber Insurance Readiness toolkit contains important information to help you figure out whether your current cybersecurity program meets these new standards.

If you are unable to confidently check off all the items, Red Piranha can support your organisation in strengthening its security, improving your chances of qualifying for coverage, and potentially lowering your insurance premiums.