As ransomware and other cyberattacks grow, cyber insurance struggles to keep up

June 14, 2021 – Article posted on NPR Marketplace

With ransomware incidents being prevalent, more organizations are purchasing cyber insurance to manage their risk. But are the pockets of large insurance companies deep enough? A new report from the Government Accountability Office looked at the client list of a major insurance broker and found that the number of companies that bought policies grew significantly over a four-year stretch.

“If you do have insurance, you can look at the policy and see what they’re gonna pay up to,” said ransom negotiator Tony Cook, head of threat intelligence at GuidePoint Security. “That helps you go to the table with a little bit of knowledge of what you can work with.”

Thing is, there so many attacks these days. So for insurance companies, it’s like covering a bunch of teenagers with sports cars.

“Now with ransomware and some of these other attacks,” Cook said, “it’s almost like you just handed everybody the keys to a Ferrari on the autobahn and said, ‘Good luck.’”

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