Two cyber insurance industry initiatives grapple with rise of ransomware
Twice in the past few weeks, insurers have joined together in response to the spiraling ransomware attacks that have rocked their industry. In mid-June, seven top insurance companies formed CyberAcuView, a company to combine their data collection and analysis powers in a bid to strengthen risk mitigation in the cyber insurance industry. The chief executive officer of CyberAcuView told CyberScoop that ransomware was one of the factors that drove creation of the company. Then, last week, the American Property Casualty Insurance Association (APCIA) released its guiding principles on cyber extortion and ransomware, including its views on regulation. Both are signs of the cyber insurance world trying to wrap its arms around ransomware, a phenomenon that is leading to costlier payouts, prompting insurers to demand security improvements from policyholders and in some cases driving companies to step back from what they’re willing to cover. For instance, the annual growth rate in […]
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