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This week, our Sales Manager, Andrew Pearsall had a fascinating conversation with a client about the evolving landscape of cyber insurance and how it’s increased in scope and importance over the years.
Up until very recently, the questions on the cyber insurance proposal form were relatively basic. However, as more and more security threats emerge, the questionnaire and the information required by clients to provide, has become more onerous.
Premiums continue to rise.
The cyber insurance market in Ireland is growing rapidly and according to PwC’s 2026 Global Digital Trust Insights report, 41 per cent of Irish organisations are looking to update cyber insurance to mitigate risk and build resiliency.
However, an insurance policy alone will not provide adequate protection in an environment where cyber threats are flourishing.
Proper cyber resilience is based on actionable, practical plans, underpinned by people, processes and technology solutions that support business continuity in the event of a breach.
It’s a stark finding from PwC’s survey that just 28% of Irish organisations have implemented robust cyber resilience actions, well behind their global counterparts at 33%.
In addition to this, less than one in 10 (8%) of Irish organisations invest significantly more on proactive cybersecurity measures than reactive measures, lagging well behind their global counterparts at 24%.
This raises the question: why spend money on being reactive after an incident, when you can invest in your cyber security and be proactive? You get more protection, at a reduced cost.
Key Takeaways:
- Cyber insurance is no longer just about coverage – it’s about your proactive security posture.
- Insurers are increasingly rewarding organisations that demonstrate strong cybersecurity frameworks.
- A well-structured security wrap with DNA’s layered defence and 24/7 SOC team incident response can significantly reduce your premiums.
- The process of completing insurance forms is a valuable exercise in identifying gaps and strengthening internal policies.
- Testing is not an option; it’s an absolute must! DR Testing, Pen Testing all need to be done to make sure there’s no gaps
Advice for IT and Business Leaders
If you’re reviewing your cyber insurance this quarter, don’t just tick the boxes. Let’s use it as an opportunity to audit your security stack, align with best practices, and negotiate better terms. The stronger your defences, the better your coverage and the lower your costs.