{"id":46144,"date":"2021-07-14T02:43:00","date_gmt":"2021-07-14T06:43:00","guid":{"rendered":"http:\/\/blog.cybercon1.com\/?p=46144"},"modified":"2021-07-14T02:43:00","modified_gmt":"2021-07-14T06:43:00","slug":"in-crosshairs-of-ransomware-crooks-cyber-insurers-struggle","status":"publish","type":"post","link":"https:\/\/www.cyberconservices.com\/index.php\/2021\/07\/14\/in-crosshairs-of-ransomware-crooks-cyber-insurers-struggle\/","title":{"rendered":"In crosshairs of ransomware crooks, cyber insurers struggle"},"content":{"rendered":"\n

In the past few weeks, ransomware<\/strong> criminals claimed as trophies at least three North American insurance brokerages that offer policies to help others survive the very network-paralyzing, data-pilfering extortion attacks they themselves apparently suffered.<\/p>\n\n\n\n

Cybercriminals who hack into corporate and government networks to steal sensitive data for extortion routinely try to learn how much cyber insurance<\/strong> coverage the victims have. Knowing what victims can afford to pay can give them an edge in ransom negotiations. The cyber insurance industry, too, is a prime target for crooks seeking its customers\u2019 identities and scope of coverage.<\/p>\n\n\n\n

Before ransomware<\/strong> evolved into a full-scale global epidemic plaguing businesses, hospitals, schools and local governments, cyber insurance was a profitable niche industry. It was accused of fueling the criminal feeding frenzy by routinely recommending that victims pay up, but kept many from going bankrupt.<\/p>\n\n\n\n

Now, the sector isn’t just in the criminals’ crosshairs. It’s teetering on the edge of profitability, upended by a more than 400% rise last year in ransomware cases and skyrocketing extortion demands. As a percentage of premiums collected, cyber insurance payouts now top 70%<\/a>, the break-even point.<\/p>\n\n\n\n

Fabian Wosar, chief technical officer of Emsisoft, a cybersecurity firm specializing in ransomware<\/strong>, said the prevailing attitude among insurers is no longer: Pay the criminals. It’s likely to be cheaper for all involved.<\/p>\n\n\n\n

\u201cThe ransomware<\/strong> groups got way too greedy too quickly. So the cost-benefit equation the insurers initially used to figure out whether or not they should pay a ransom \u2014 it\u2019s just not there anymore,\u201d he said. Read On:<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In the past few weeks, ransomware criminals claimed as trophies at least three North American insurance brokerages that offer policies to help others survive the very network-paralyzing, data-pilfering extortion attacks they themselves apparently suffered. Cybercriminals who hack into corporate and government networks to steal sensitive data for extortion routinely try to learn how much cyber […]<\/p>\n","protected":false},"author":1,"featured_media":46246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[215],"tags":[718,637],"class_list":["post-46144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-cyber-insurance","tag-ransomware"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t