Insurance Business Magazine reports:
…. Matthew Geyman managing director at Intersys, said the move signals a more rigorous approach to tackling ransomware and could reshape the insurance sector’s handling of cyber risk.
“As attackers – often serious organised crime – shift focus to the private sector, insurers must reassess underwriting strategies to ensure organisations demonstrate robust cyber hygiene before cover is issued,” he said.
This, he noted, should include ensuring that organisations demonstrate strong cyber hygiene before cover is issued and avoiding policy terms that could facilitate ransom payments.
“Critically, there is no guarantee that paying a ransom will successfully unencrypt data. The decryption tools may not work as intended, and once the ransom has been paid, the attackers have no real incentive to offer assistance,” he said.
Legal and insurance specialists have warned that the inability to pay ransoms in some cases may lead to higher claims exposure for insurers.
Read more at Insurance Business Magazine.
