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Insurers Cut Cyber Cover as Ransomware Losses Surge

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Insurers say some attackers even check whether potential victims have policies that would make them more likely to pay a ransom.

Credit: Computing (U.K.)

The rise in ransomware incidents and growing sophistication of cyber attacks has forced insurance companies to cut the amount of cover they provide to customers.

When faced with the chaos of a potentially overwhelming ransomware attack, businesses usually approach their insurers for guidance and help to get their machines back up and running.

In the past, insurance companies routinely assisted their policyholders, cooperating with them to cover losses and minimise damage from a cyber attack.

However, due to the increasing frequency of attacks in recent years, insurers are now increasing their premiums, cutting policy coverage and even adopting an adversarial response to ransomware claims.

From Computing (U.K.)
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