Security News > 2021 > June > Cyber-Insurance Fuels Ransomware Payment Surge

Ransomware victims are increasingly falling back on their cyber-insurance.

Paid ransomware attackers almost $500,000,which the city announced would be mostly covered by insurance.

Ransomware victim Colonial Pipeline also reportedly had cyber-insurance protection through broker Aon and Lloyd's of London.

"Not only does making a ransomware payment also place an organization in a.potentially questionable legal situation, it is proving to the cybercriminals you.have funded their recent expedition," said Brandon Hoffman, CISO at Netenrich.

"From a broad perspective, building in ransomware payments to insurance.policies will only promote the use of ransomware further and simultaneously.disincentivize organizations from taking the proper steps to avoid ransomware.fallout," Hoffman said.

Sanctions for encouraging crime and future ransomware payment demands.

News URL

https://threatpost.com/cyber-insurance-ransomware-payments/166580/