Study reveals cyber insurance not to blame for surge in ransomware attacks

31/07/2023 | RUSI

A recent study conducted by researchers from the Royal United Services Institute (RUSI), the University of Kent, De Montfort University, and Oxford Brookes University explored the relationship between cyber insurance and ransomware. The study found that despite being heavily criticised for providing coverage for ransom payments, with many accusing it of incentivising victims to pay ransoms instead of seeking alternative remediation options, there is no compelling evidence supporting this claim. Instead, the study concludes that the cyber insurance industry has been unfairly singled out for criticism. While cyber insurance policies may be used as leverage in negotiations and to set higher ransom demands, the assumption hackers are deliberately targeting organisations with insurance has been overstated. The study includes a number of recommendations focusing on where the cyber insurance industry can have a positive impact on the drivers behind ransomware attacks.

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