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Companies purchase cyber insurance for a small fee and avoid risk of paying ransoms directly. Make cyber insurance paying ransoms illegal and you'll see boards
by abarringer 5y ago
Companies purchase cyber insurance for a small fee and avoid risk of paying ransoms directly.
Make cyber insurance paying ransoms illegal and you'll see boards start funding IT security.
- toomuchtodo 5y agoInsurance companies are likely to disallow ransom payments in their entirety. Too much risk considering the security posture of most organizations. Boards will, generally, still not fund and support effective security culture without steep penalties for breaches (i am in infosec and speak to c suite folks as part of my gig; breach impact, in their current form, are "cost of business"). “Show me the incentive, and I will show you the outcome.” – Charlie Munger https://www.insurancejournal.com/news/international/2021/05/09/613255.htm https://www.insurancejournal.com/news/international/2021/05/... (Insurer AXA to Stop Paying for Ransomware Crime Payments in France)