Ransomware Insurance

Cyber Insurance Market Looks for New Approach, With Lloyds Downshifting on Coverage 

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“At a time when the need for cyber insurance has never been more clear, brokerages have spent much of 2021 decreasing coverage and increasing rates. But on Friday, tucked into a Reuters story, a big shoe appeared to drop: Lloyds of London, the carrier holding nearly a fifth of the cyber insurance market, discouraged its … Read more

Corvus Insurance Reports Some Good News: Victims of Ransomware Less Likely to Pay Off Hackers 

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While the average ransomware payment ($290k) has increased in Q3 2021 compared with the same quarter last year, a smaller percentage of ransomware demands are being met. The insuretech provider of “smart commercial insurance products” reports companies are doing a better job of backing up their data, which helps them avoid the tender mercies of … Read more

It’s Just Business: Useful Data-driven Study on How to Negotiate With Ransomware Attackers

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Analysts with Fox-IT (of the of NCC Group) created a database of more than 700 ransomware negotiations between 2019 and 2020. Tip 1: Don’t lose your cool with the hackers. “A crisis can be ‘an emotional rollercoaster,’ (Fox-IT cybersecurity analyst Pepijn Hack) said, and much is at stake. Business owners can understandably become emotive. Hack … Read more

Ransomware to Drive At Least One Top Cyber Insurance Provider Out of Market in 2022: Forrester 

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Prediction comes from Forrester Senior Analyst Jeffery Williams: “Bottom line, insurers have been collecting small premiums while facing near-infinite risks. At least one top 10 cyber carrier will cease writing new business and selectively run off existing business in 2022.” Read the blog post here. “Download Forrester’s Predictions 2022 complimentary guide and find out what’s … Read more

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