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Tuesday, March 10, 2020
Ransomware Attacks Are Driving Up Cyber Insurance Rates
Ransomware attacks were one of the defining cybersecurity threats of 2019, and just one month into 2020, it’s clear that bad actors will continue to deploy this malware to capitalize on their criminality. As companies grapple with the implications of this new reality, many are turning to cybersecurity insurance as a way to offset the cost and consequences of an attack. Unfortunately, ransomware attacks have become so common that cyber insurance rates have soared in response.
According to some reports, cybersecurity insurance has increased by as much as 25% in the past year. At the same time, insurance companies are expanding their offerings, adapting their business model for a shifting data security and regulatory landscape. However, companies relying on cyber insurance will likely be disappointed as payouts rarely cover the cost of an attack, and increasingly high premiums make it an affordable option to begin with. Instead, many organizations would be better off investing in a robust defense strategy that can defend against a ransomware attack before it happens. It’s the only way to truly avoid the escalating costs and consequences of a ransomware attack. https://www.cpomagazine.com/cyber-security/ransomware-attacks-are-causing-cyber-insurance-rates-to-go-through-the-roof-premiums-up-as-much-as-25-percent/
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