“Bill Siegel, CEO and co-founder of Coveware, says that insurance companies have influenced proactive enterprise security and incident response preparedness in a positive manner in recent years. After cyber-insurance firms sustained substantial losses in 2019 and 2020, many have tightened their underwriting and renewal terms and now require insured entities to have minimum standards like MFA, backups, and incident response training.
At the same time, he believes that insurance companies have had negligible influence in enterprise decisions on whether to pay or not.”
Two new reports show ransomware revenues for threat actors dropped sharply in 2022 as more victims ignored ransom demands.
Source: Ransomware Profits Decline as Victims Dig In, Refuse to Pay