Expert React: Over A Fifth Of Cyber Insurance Does Not Cover Ransomware

BACKGROUND:

Cybereason today released research findings from a global ransomware study of nearly 1,300 security professionals that reveals more than half of organisations have been the victim of a ransomware attack. In the UK specifically, 305 companies were contacted and 84% of businesses that chose to pay a ransom demand suffered a second ransomware attack, often at the hands of the same threat actor group (53%). The survey also found that 54% of UK companies have cyber insurance but a little over a fifth (21.5%) have cyber insurance that does not cover ransomware. 

Experts Comments

June 17, 2021
Jamie Akhtar
CEO and Co-founder
CyberSmart

The ongoing scale of attacks from cybercriminals shows that it is vital that organisations adopt measures to protect themselves. This includes well-known measures such as implementing regular security awareness training, practicing good password hygiene, and keeping software up to date.

 

What is needed now is for insurance companies to provide better incentives so that organisations are encouraged to adopt these security measures in the first place - there is no point getting home insurance

.....Read More

The ongoing scale of attacks from cybercriminals shows that it is vital that organisations adopt measures to protect themselves. This includes well-known measures such as implementing regular security awareness training, practicing good password hygiene, and keeping software up to date.

 

What is needed now is for insurance companies to provide better incentives so that organisations are encouraged to adopt these security measures in the first place - there is no point getting home insurance and then leaving all the windows and doors unlocked.

  Read Less
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