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!