We just went through the same issue in January with our Cyber renewal. The cost doubled, and would have gone up another 50% on March 1st if we hadn't implemented Multi-Factor Authentication (MFA). You're probably familiar with this: when you log-in to your network, email, or other application, you receive a text to your phone (or a message to an "authenticator" app, also on your phone) with a one-time code that you have to enter before being able to access your network.
I also attended a one-day conference on cyber insurance with our broker in February and found that the cyber insurance market is the "hardest" of all coverages right now, based on the various ransomware and other "denial of service"/data blocking attacks. We also had to have an insurance company app installed on our phones (leadership team) to immediately report any attempts to "hack" into our system.
The cost is the unfortunate reality; but going through a cybersecurity audit with your insurance carrier and IT department or vendor can help limit vulnerabilities and hopefully reduce rate of increase of cyber insurance costs.
DANZER, PHR, SHRM-CP
DIRECTOR OF HUMAN RESOURCES
Direct Line: (336) 897-2155
GPS Main Line: (336) 288-9330
Cell: (336) 301-2242
Fax: (336) 282-8554
Suite 200, 277 S. Washington St.Alexandria, VA22314
Phone(p) 703-253-2020(f) 703-253-2053