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Cyber Insurance Industry in Crosshairs of Ransomware Criminals

Cyber Insurance Industry in Crosshairs of Ransomware Criminals
In the past few weeks, ransomware criminals claimed as trophies at least three North American insurance brokerages that offer policies to help others survive the very network-paralyzing, data-pilfering extortion attacks they themselves apparently suffered.
Cybercriminals who hack into corporate and government networks to steal sensitive data for extortion routinely try to learn how much cyber insurance coverage the victims have. Knowing what victims can afford to pay can give them an edge in ransom negotiations. The cyber insurance industry, too, is a prime target for crooks seeking its customers’ identities and scope of coverage. ....

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In Crosshairs of Ransomware Crooks, Cyber Insurers Struggle

In Crosshairs of Ransomware Crooks, Cyber Insurers Struggle
securityweek.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from securityweek.com Daily Mail and Mail on Sunday newspapers.

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In crosshairs of ransomware crooks, cyber insurers struggle

In crosshairs of ransomware crooks, cyber insurers struggle
borneobulletin.com.bn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from borneobulletin.com.bn Daily Mail and Mail on Sunday newspapers.

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In crosshairs of ransomware crooks, cyber insurers struggle

In crosshairs of ransomware crooks, cyber insurers struggle
FRANK BAJAK, AP Technology Writer
July 5, 2021
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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 ....

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Ransomware attacks around the world, including cyber insurance agencies

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. ....

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