The Source for Cyber Insurance News, Insights and Data
“Over a 12-month research project, researchers from RUSI (Royal United Services Institute for Defence and Security Studies), the University of Kent, De Montfort University and Oxford Brookes University conducted a series of expert interviews and workshops… This paper argues that there is, in fact, no compelling evidence that victims with cyber insurance are much more … Read more
“While an insurance company may pay a ransom to get file decryption keys, ‘they won’t pay an extortion fee,’ Wisniewski said. ‘The conventional wisdom of insurers has been, ‘I’m buying encryption keys that are going to let me get this customer online faster, and that reduces my cost of the incident.’ They think they’re getting … Read more
Yes, says Veeam’s survey of 1,2000 IT pros from companies hit by ransomware last year. In 2022, “77% of ransoms were paid by insurance, but that is becoming harder and more expensive…In fact, 21% of organizations stated that ransomware was now specifically excluded from their policies. While those with cyber insurance saw changes in their … Read more
“While many companies have already started to incorporate general disclosure of cyber liability insurance in their discussion of cyber risks, we should expect to see this continue, especially as coverage limitations and exclusions in cyber liability insurance policies may pose their own risks.” The report notes that while reporting is good, there can be too … Read more
“That’s where tactics like double extortion come in. With double extortion, a cybercriminal might ask for a ransom before they provide a decryption key while also threatening to leak sensitive data if they don’t get paid. This tactic targets companies with strong backups, which may not need to regain their encrypted files, and puts additional … Read more