Security News > 2021 > June > The policy of truth: As ransomware claims rise, what's a cyber insurer to do?

If you rely on your insurer to pay off crooks after a successful ransomware attack, you wouldn't be the only one.

When you're dealing with a ransomware attack, how much do you know about who you're making a payment to? And what's the role of not just the insurer but also, say, the intermediary company that the insurer contracts with to negotiate the payment?

"When you're dealing with a ransomware attack, how much do you know about who you're making a payment to? And what's the role of not just the insurer but also, say, the intermediary company that the insurer contracts with to negotiate the payment? There are a lot of intermediaries involved," she says.

While online issues are still a relatively small part of most insurers' business, this increasing disparity between claims and payouts is uncomfortable for insurers.

"Now they're realizing that the insurance coverage that they provide for ransomware may be too expensive," said Fred Eslami, associate director at AM Best, who leads its cyber security initiative for property/casualty and life/health insurers.

How can insurers guide us on the technical hurdles to qualify for a cyber insurance policy with any authority if they're getting clobbered themselves? .

News URL

https://go.theregister.com/feed/www.theregister.com/2021/06/04/ransomware_claims_feature/