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Notably, the survey found that cloud security (38%) is the main cybersecurity concern in 2023, more than ransomware (15%) and remote workers (11%).

The survey also revealed that the number of organizations applying for cyber insurance is declining in 2023 with only 32% of respondents stating that they applied for cyber insurance (or a renewal) in the past year. This is compared to 41% of respondents during this survey last year, who claimed that their organization has already or was strongly considering arming themselves with cyber insurance in 2022. The reason for this decline could be due to budget constraints. Nearly 42% of respondents named budget constraints as the hardest obstacle for obtaining cyber insurance, with meeting technical requirements (21%) and executive buy-in (20%) acting as the second and third largest obstacles.

"When asking respondents about the primary driver for seeking cyber insurance within their organizations, the number one response was due to compliance requirements (40%)," said Joseph Carson, chief security scientist and advisory CISO at Delinea. "With the increasing regulatory compliance security standards being put into place, it is now more important than ever for organizations to prioritize cyber insurance, not only to meet these requirements but to ensure that sensitive company, employee, and customer data is protected at all costs."

"With the changing demands and rising costs of cyber insurance, it’s vital to maintain security controls to make the business more insurable," continues Carson. "Nearly half (45%) of survey respondents stated that they have basic or no Privileged Access Management (PAM) in place, but solutions like privileged access management offer a significant advantage and show that the company has protected itself from external and internal threats."