Cyber Insurance’s Response to Rising Ransomware Attacks: The Latest Hurdles
The cyber insurance industry has been challenged by the rising costs of cybercrime. The element of the unpredictability of the cybercrime world does not work well for the industry. New coverage and rising renewal rates are major concerns. Premiums are rising by 10- to 20-fold. Recent research reports show that 70% of cybersecurity professionals believe insurance payments to companies that have paid a ransom exacerbate the problem and cause more attacks. Moreover, cyber insurance companies are targets themselves. The question on everyone's mind is, ‘to what extent is cyber insurance fueling ransomware attacks?' What kind of questions do the CISOs need to be prepared for?
The session will cover:
- Will ransomware ultimately lead to the fall of cyber insurance companies?
- How the cyber insurance industry must approach the problem of ransomware.
- Ways to address skill shortage in the industry and way forward for CISOs