Cloud security remains the top concern for cybersecurity professionals, a survey at this year's RSA Conference reveals.
At this year's RSA Conference in San Francisco, more than 100 cybersecurity professionals were asked about their current most pressing problems in implementing cyber hygiene and the cyber insurance strategies of their companies. Cloud security is the top concern for 39 percent of respondents, followed by ransomware (16 percent) and a distributed workforce (12 percent). This paints a similar picture as in the survey last year.
The survey also revealed that the demand for cyber insurance has declined: only 32 percent of those surveyed applied for insurance cover or renewed an existing policy in the past year. This is a 9 percent decrease from 2022, when 41 percent of security professionals said their organization already had or is strongly considering cyber insurance.
Budget constraints as an obstacle
Reasons for this decline could on the one hand point to a dangerous overconfidence of one's own cyber security, but on the other hand could also be related to the rising costs of insurance cover. After all, nearly 42 percent of respondents cited budget constraints as the top barrier to purchasing cyber insurance, followed by meeting technical requirements (22%) and executive approval (21%).
Meeting compliance requirements was cited as the top reason for seeking cyber insurance by 40 percent of respondents, the ongoing ransomware threat was 29 percent, and executive and customer requirements were cited by 13 percent and 12 percent, respectively.
“With the increasing adoption of security standards for compliance, it is more important than ever for organizations to prioritize cybersecurity, not only to meet these requirements, but also to ensure that sensitive corporate, employee, and customer data is protected at all costs protected,” said Joseph Carson, Chief Security Scientist and Advisory CISO at Delinea. "Evolving requirements and rising costs of cyber insurance make it increasingly important for businesses to adhere to security controls that keep cyber policy costs affordable."
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Privileged Access Management
Although nearly half (45%) of survey respondents reported having no or very basic privileged access management (PAM) controls in place, PAM is still recognized as one of the top priorities for effective cyber hygiene. 34 percent of respondents said PAM is one of the top three technologies their organizations are investing in to qualify for cyber insurance. "PAM solutions offer a significant advantage for companies looking to demonstrate to potential cyber insurers that they have reduced their risk and become more resilient to cyber attacks," continued Carson.
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About Delinea Delinea is a leading provider of Privileged Access Management (PAM) solutions that enable seamless security for modern, hybrid businesses. Our solutions enable organizations to secure critical data, devices, code and cloud infrastructure to reduce risk, ensure compliance and simplify security. Delinea removes complexity and redefines access for thousands of customers worldwide, including more than half of the Fortune 100 companies. Our customers range from small businesses to the world's largest financial institutions, organizations and critical infrastructure companies.