AI APPLICATIONS
Dealing
with a Ransomware Attack
security is encouraging criminals and is also unsustainable for the industry .
It said : “ To date , cyber insurance has failed to live up to expectations as a tool for improving organisations ’ cybersecurity practises ” and warned : “ Cyber insurers may be - unintentionally - facilitating the behaviour of cyber criminals by contributing to the growth of targeted ransomware operations .”
And there is some evidence that change is coming . According to stories in both the UK ’ s Financial Times and the US ’ Washington Post , insurers are already increasing premiums and putting in place stricter demands in terms of cyber strategies used by companies that want to buy cyber insurance . The Washington Post also said insurers were demanding greater security and are cutting back the amounts of cover they are willing to offer .
But what are the costs , and how will this affect SMEs and start-ups ? Muttukrishnan says there are alternatives , but not many and the largest one currently is known as ISO 27001 , which is used by global companies such as IBM , Google and Microsoft and is very expensive . The certification can cost between £ 60- £ 200,000 for just SME organisations , so prohibitive in many cases .
Reinsurance brokerage , Howden , says the spiralling of double extortion ransomware attacks and the relative ease of their execution by criminal gangs has led to one of the largest medium-term rate increases across the insurance market . In a report called Cyber Insurance , A Hard Reset , it reported global pricing has increased by an average of 32 %, year on year , in June 2021 .
58 October 2021