Ransomware Case Signifies Shift In Cyber Insurers' Stance

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By Lynda Bennett and Michael Scales (November 12, 2021, 4:21 PM EST) — Ransomware attacks are on the rise. Lax security measures, which have become more acute in the work-from-home environment, continue to be exploited. Companies’ systems are hacked into, their data is encrypted, and they face multimillion-dollar ransoms.

When faced with the chaos of a potentially devastating ransomware attack, businesses turn to their cyber insurers for immediate guidance and relief to help get their systems back up and running.

In the past, insurers routinely provided assistance and worked hand in hand with policyholders to cover losses and minimize damages from an attack.

However, due to the increasing size and frequency of these attacks,…

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