Resilience CEO Mario Vitale recounts how his company found a vulnerability in the system of a client…and the client was still procrastinating about fixing the problem when the policy’s renewal date arrived.
Techmonitor reports what happened next: “At first, Resilience refused to offer the company coverage – until their broker suggested a compromise. If you think the business is vulnerable to a ransomware attack, they suggested, perhaps a policy excluding coverage for that possibility was in order? The deal was struck. A week later, staff at the business found themselves locked out of their computers, with no coverage to pay the hacker’s demands.”
Source: Is the cyber insurance market broken? – Tech Monitor