Security News > 2021 > September > The impact of ransomware on cyber insurance driving the need for broader cybersecurity knowlege

The growing number of ransomware attacks has burdened many oganizations, but it has also greatly impacted the cyber insurance industry, which found itself having to cover large ransomware demands.

This called for a chenge in policies but also the need to enhance cyber insurance with cybersecurity knowlege.

In this interview with Help Net Security, Odin Olson, VP of Alliances for Arctic Wolf, talks about the impact of ransomware on cyber insurance and the connection between security operations and the insurance industry.

Beginning in 2020, several prominent cyber insurers reported massive direct loss ratios for standalone cyber insurance policies and began sub-limiting cyber extortion and ransomware policies and/or applying co-insurance provisions, forcing the insured to share more of the risk.

According to a Hanover study, 40% of U.S. businesses have no cyber insurance or a limit of $1 million or less in an insurance policy.

With ransomware attacks targeting a wide range of industries, from technology to critical infrastructure, cyber insurance is an integral part of a broader security strategy and must be incorporated into the larger investment in security operations.

News URL

http://feedproxy.google.com/~r/HelpNetSecurity/~3/X9NQtBY8Zs4/