As ransomware and other cyberattacks grow, cyber insurance struggles to keep up
Given the prevalence of hacking incidents — before and after the Colonial Pipeline breach — more and more companies are purchasing cyber insurance to manage their risk. But are the pockets of large insurance companies deep enough?
A new report from the Government Accountability Office looked at the client list of a major insurance broker and found that the number of companies that bought policies grew from 26% to 47% over a four-year stretch.
Insurance gives companies that get hacked access to money for paying ransom.
[…]
“The more people pay ransoms, then the more people will conduct ransomware,” said Josephine Wolff, a cybersecurity policy professor at Tufts University. “As more of these attacks get launched, and we think maybe about half of the victims pay ransoms, there are more people interested in getting into this type of crime.”