Cybersecurity insurers no longer provide the same amount of coverage as they once did. After the COVID-19 pandemic caused many offices to move to WFH (work from home) environments there was an observed spike in ransomware attacks. These attacks continued to become a more frequent issue for many organizations and led a multitude of companies to want to obtain cyber insurance; however, the cyber insurance industry could not afford to pay off so many organizations’ ransoms along with other post-breach repairs.
The problem escalated over the last year to a point where ransomware users were actively searching out companies they knew had cyber insurance, ensuring their ransom would be paid. Large insurance groups such as Loyd’s of London and the American International Group cut down on their cyber insurance policies and the new clientele they would be taking on because of the risk that ransomware groups now pose. Should these ransoms continue to grow and become more frequent, it would be likely that insurance groups would be less inclined to assist in paying off these attackers. For more information on how BW Cyber Services can assist you, please contact us at firstname.lastname@example.org.