Latest Breaking News On - எவன் க்ரீன்பெர்க் - Page 6 : comparemela.com
In crosshairs of ransomware crooks, cyber insurers struggle
FRANK BAJAK, AP Technology Writer
July 5, 2021
FacebookTwitterEmail 5
1of5FILE - In this Feb. 21, 2019, file photo, people stand in front of the logo of AXA Group prior to the company s 2018 annual results presentation, in Paris. The cyber insurance industry, once a profitable niche, is now in the crosshairs of ransomware criminals. Pressure is building on the industry to stop reimbursing for ransoms, but so far only one major cyber insurer, AXA, is doing so and only with new policies in France. To try to absorb the growing onslaught and stay profitable, insurers are retooling coverage, demanding clients up their security.Thibault Camus/APShow MoreShow Less
Moscow
Moskva
Russia
United-states
Thailand
Copenhagen
Køavn
Denmark
Boston
Massachusetts
Montreal
Quebec
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.
Moscow
Moskva
Russia
United-states
Thailand
Copenhagen
Køavn
Denmark
United-kingdom
Boston
Massachusetts
Montreal