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Insurance and Ransomware

Schneier on Security

As ransomware becomes more common, I’m seeing more discussions about the ethics of paying the ransom. Here’s one more contribution to that issue: a research paper that the insurance industry is hurting more than it’s helping. However, the most pressing challenge currently facing the industry is ransomware.

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GUEST ESSAY: Cyber insurance 101 — for any business operating in today’s digital environment

The Last Watchdog

To help mitigate the risk of financial losses, more companies are turning to cyber insurance. Related: Bots attack business logic Cyber insurance, like other forms of business insurance, is a way for companies to transfer some of numerous potential liability hits associated specifically with IT infrastructure and IT activities.

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Ransomware Victims That Pay Up Could Incur Steep Fines from Uncle Sam

Krebs on Security

Companies victimized by ransomware and firms that facilitate negotiations with ransomware extortionists could face steep fines from the U.S. While it may seem unlikely that companies victimized by ransomware might somehow be able to know whether their extortionists are currently being sanctioned by the U.S. Image: Shutterstock.

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Ransomware gang says it targets firms who have cyber insurance

Graham Cluley

A member of the REvil ransomware gang claims that the group specifically targets firms who have taken our cyber insurance. And what's more, it will hack insurance firms to identify them.

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Cyber insurance giant CNA hit by ransomware attack

Graham Cluley

According to a statement posted on the firm’s website, CNA determined it had fallen foul of hackers on March 21: “Out of an abundance of caution, we have disconnected our systems from our … Continue reading "Cyber insurance giant CNA hit by ransomware attack".

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Are Cyber Insurers Cybersecurity’s New Enforcers?

Security Boulevard

Recent ransomware attacks have dominated the headlines this year. Predictions estimate that the financial impact caused by ransomware could reach $265 billion globally by 2031. The post Are Cyber Insurers Cybersecurity’s New Enforcers? The average ransom payment made by a business to.

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The Evolving Role of Cyber Insurance in Mitigating Ransomware Attacks

SecureWorld News

Ransomware attacks have become a significant threat to organizations of all kinds worldwide, with attackers encrypting data and demanding payment for its release. In this regard, many have touted cyber insurance as the knight in shining armor, the end all-be all in terms of mitigating criminals' assaults on your network.