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Now, the sector isn t just in the criminals crosshairs. It s teetering on the edge of profitability, upended by a more than 400 per cent rise last year in ransomware cases and skyrocketing extortion demands. As a percentage of premiums collected, cyber insurance payouts now top 70 per cent, the break-even point. Fabian Wosar, chief technical officer of Emsisoft, a cybersecurity firm specialising in ransomware, said the prevailing attitude among insurers is no longer: Pay the criminals. It s likely to be cheaper for all involved. “The ransomware groups got way too greedy too quickly. So the cost-benefit equation the insurers initially used to figure out whether or not they should pay a ransom, it’s just not there anymore,” he said.

United statesUnited kingdomSan franciscoPhil edmundsonAdrian coxStewart bakerEvan greenbergJan lemnitzerBrent reithMichael phillipsKelli murrayGregory eskinsFabian wosarUnited kingdom royal services instituteRoyal united services instituteRansomware task