What Insurers Need to Know About Next-Gen Cyber Threats
The decision to pay or reject ransom demands is a complicated mix of identifying the source, evaluating backup plans and remaining compliant.
Ransomware developers have begun selling their software to would-be peers, making it more difficult to identify the source by the characteristics of the attacking software.
Insureds seeking carrier or coverage or insurers seeking reinsurance face the same challenges: demonstrating security controls, training and concentration of risk.
Ransomware attacks are expensive, including costs of payment, operational interruptions, data restoration and more.
Some cyber intrusions result in full-fledged data breaches, which trigger mandatory regulatory and legal responses.
