Security News > 2022 > August > Organizations would like the government to help with ransomware demand costs

Businesses are increasingly concerned about how they will meet ransomware demands.

Only 19 percent of those surveyed have ransomware coverage limits above $600,000, while over half hoped the government would cover damages when future attacks are linked to other nation-states, according to BlackBerry Limited and Corvus Insurance.

Perhaps unsurprisingly, 50 percent of SMB respondents hoped the government would increase financial aid in all ransomware incidents.

"Not only are there more ransomware threats than ever, but the criminals are more ruthless. They will iterate threats and wait patiently in order to extract maximum damage," said Shishir Singh, Executive Vice President and CTO, Cybersecurity at BlackBerry.

Over one-third of respondents aren't currently covered for any ransomware payment demands, while 43 percent aren't covered for auxiliary costs such as court fees or employee downtime.

"In our portfolio alone, we've seen a 50 percent reduction in the ratio of ransom demands that end up being paid. Better software adoption is a critical element in better positioning organizations to stand up to attackers."

News URL

https://www.helpnetsecurity.com/2022/08/12/government-help-ransomware/