Cyber insurance and ransomware
The surge in ransomware campaigns has compelled cyber insurers to rethink their security measures. Ransomware attacks have been a threat for many years, but it was only recently that threat actors realized the significant financial benefits they could reap from such attacks. The rise of ransomware-as-a-service (RaaS) and double extortion tactics has changed the threat landscape, as organizations continue to fall victim and suffer data leaks that are accessible to everyone.
According to a 2024 threat report by Cisco, “Ransomware remains a prevalent threat as it directly monetizes attacks by holding data or systems hostage for ransom. Its high profitability, coupled with the increasing availability of ransomware-as-a-service platforms, allows even less skilled attackers to launch campaigns.”
Changing insurance landscape due to ransomware
Cyber insurance is helping businesses to address such threats by offering services such as ransom negotiation, ransom reimbursement, and incident response.
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