.jpg){kind=avatar}
Rising ransomware payouts (some say as high as 400% in 2020) are forcing insurance companies to rethink making ransom payments right away. Cyber premiums are rising quickly -- often as high as 20%+ on a month-over-month basis.
“The ransomware groups got way too greedy too quickly. So the cost-benefit equation the insurers initially used to figure out whether or not they should pay a ransom — it’s just not there anymore,” said Fabian Wosar, CTO of Emsisoft, a cybersecurity firm specializing in ransomware.
https://www.insurancejournal.com/news/national/2021/07/07/621416.htm
unknownx500
More posts by FinTech Collective
