September 28, 2021

Volume XI, Number 271

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September 28, 2021

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September 27, 2021

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Cyber Insurance for Ransomware may be a Thing of the Past!

Darkreading.com reported that “In early May, global insurer AXA made a landmark policy decision: The company would stop reimbursing French companies for ransomware payments to cybercriminals.”  The May 24, 2021 article entitled “Cyber Insurance Firms Start Tapping Out as Ransomware Continues to Rise” included these comments:

Ransomware payments continue to be a controversial capitulation to cybercriminals.

Already, governments have started pressuring companies to not pay ransomware, with the US Department of Treasury's Office of Foreign Assets Control (OFAC) warning in October that businesses could be violating US law if they pay groups that have been put on the sanctions list.

And almost two years ago, following attacks on many local governments and school districts, a group of more than 1,400 elected local mayors pledged to not pay ransomware groups.

Please stay tuned since Ransomware is not going away!

© 2021 Foley & Lardner LLPNational Law Review, Volume XI, Number 147
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About this Author

Peter Vogel, trial attorney, Foley Lardner
Partner

Peter Vogel is renowned as both a trial and transactional lawyer who deeply understands technology, science and intellectual property, and the opportunities and problems they pose for clients. Governments and administrative agencies, as well as major corporations and emerging businesses, rely on Peter to get right to the heart of an information technology or e-discovery dispute; he knows what to expect and how it will play out in the courtroom. This eliminates unproductive rabbit trails and reduces the cost of litigation for all parties. When negotiating agreements for...

214-999-4422
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