The cyber insurance industry, once a profitable niche, is now in the crosshairs of ransomware criminals. Pressure is building on the industry to stop reimbursing for ransoms, but so far only one major cyber insurer, AXA, is doing so — and only with new policies in France. To try to absorb the growing onslaught and stay profitable, insurers are retooling coverage, demanding clients up their security. — AP
BOSTON: In the past few weeks, ransomware criminals claimed as trophies at least three North American insurance brokerages that offer policies to help others survive the very network-paralysing, data-pilfering extortion attacks they themselves apparently suffered.
Cybercriminals who hack into corporate and government networks to steal sensitive data for extortion routinely try to learn how much cyber insurance coverage the victims have. Knowing what victims can afford to pay can give them an edge in ransom negotiations. The cyber insurance industry, too, is a prime target for crooks seeking its customers’ identities and scope of coverage.
