As you may have seen the debate about whether or not companies should pay ransoms to cyber criminals has taken a new turn after it was suggested insurers were “funding organised crime” by accepting ransomware claims.
Ciaran Martin, who ran the National Cyber Security Centre until last August, stated “I see this as so avoidable. At the moment, companies have incentives to pay ransoms to make sure this all goes away. You have to look seriously about changing the law on insurance and banning these payments, or at the very least, having a major consultation with the industry”.
The Association of British Insurers (ABI) has defended the inclusion of ransomware payments in first-party cyber-insurance policies.