What Insurers Need to Know About Next-Gen Cyber Threats
Some cyber intrusions result in full-fledged data breaches, which trigger mandatory regulatory and legal responses.
Ransomware attacks are expensive, including costs of payment, operational interruptions, data restoration and more.
Insureds seeking carrier or coverage or insurers seeking reinsurance face the same challenges: demonstrating security controls, training and concentration of risk.
Characteristics of a ransomware attack reveal much about the source or identity of the attack, which can help determine the likelihood of recovering their data.
The decision to pay or reject ransom demands is a complicated mix of identifying the source, evaluating backup plans and remaining compliant.
