Cyber News: Half of US Companies Hit so Far in 2024 — More Hiring Needed to Fight the Attacks

A report from the identity security company, Delinea says over half of the companies in the U.S. with cyber insurance have filed a cyber claim in 2024. CJ Dietzman of Alliant Insurance Service shared some statistics from the report:

• 62% filed a claim
• 27% filed more than one claim

"The way cyber insurance companies measure risk is based on incidents, law, and claims," Dietzman said. "As we reverse engineer cyberattacks, often-times there were soft spots in identity management. You must have a good narrative of integrated controls and a holistic story on how you're mitigating unauthorized access risk and protecting identities.”

If we can call them that, here are some of the study’s highlights:

• 77% of companies with cyber insurance had filed claims before the last 12 months
• 41% of insurance companies want proof of at least privilege access controls or authorization before they’ll issue a policy
• 95% of companies said they were required to provide that information before a policy was issued
• 79% said insurance costs have gone up since their last application or renewal

“The frequency of claims tied to identity compromises underscores the ongoing gaps in many organizations' security strategies," Dietzman said. "Insurers now require clear evidence that identity risks are being proactively managed."

All these attacks point to one important need — more talent to improve cyber security at individual companies and to provide outside experts to assist companies. Research from the cyber security firm, ISC2’s 2024 Cybersecurity Workforce Study says 5.5 million people currently work in cyber security. The study says an additional 4.8 million people are needed to help secure businesses — now!

Andy Woolnough is the executive vice-president of Corporate Affairs at ISC2. He said that’s an 87% increase over current employment numbers.

“The ISC2 Cybersecurity workforce study highlights a concerning perception among cyber security professionals,” he said. “After two years of declining investment in hiring and professional development opportunities, organizations are now facing significant skills and staffing shortages — an issue that professionals warn is heightening overall risk.”

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