Cyber insurance isn't helping with cybersecurity, and it might be making the ransomware crisis worse, say researchers

By Danny Palmer | June 28, 2021 -- 15:36 GMT (08:36 PDT) | Topic: Security

Ransomware is one of the biggest cybersecurity issues facing organisations today but, as claims mount and cyber insurers look at the coverage they are offering, changes may be coming.

Cyber insurance is designed to protect organisations against the fallout of cyberattacks, including covering the financial costs of dealing with incidents. However, some critics argue that insurance encourages ransomware victims to simply pay the ransom demand that will then be covered by the insurers, rather than have adequate security to deter hackers in the first place. Insurers argue that it's the customer that makes any decision to pay the ransom, not the insurer. 

The cyber insurance industry is likely to go mainstream and is a simple cost of doing business. Here are a few options to consider.

Leave a Comment