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.
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Cyber insurance industry in crosshairs of ransomware criminals
“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.
