The “difficulty that no group can ignore” – whitepaper


Cyber ​​insurance remains a luxury for some, according to a new whitepaper in which data analytics firm Verisk sheds light on the options insurers have to address the ransomware problem.

“Targeted ransomware has become a problem that no company can ignore,” Verisk stated in the ten-page document that Insurance Business reviewed. “The unfortunate reality is that anyone with an internet connection is vulnerable to a ransomware attack.

“The threat continues to grow as criminals become more sophisticated and aggressive in carrying out their attacks, including triple extortion ransomware attacks. In the meantime, the severity and frequency of these attacks are increasing exponentially. “

Examples in the white paper are the recent ransomware attacks on Microsoft Exchange Server, Colonial Pipeline and JBS Foods.

Verisk – the name behind the cyber aggregation and modeling tool Cyber ​​Risk Navigator – stated, “Insurers have a number of ways to anticipate the problem. The demand for insurance coverage increases with the ubiquity of cyberattacks, but insurers need to be quick and flexible to respond to the needs of any business.

“To properly grow a cyber book, it is important that an insurer fully understands the risks and the extent of potential losses. Cyber ​​insurance is an opportunity for freight forwarders – if they are carried out consciously and if the risks are appropriately priced and understood. “

The whitepaper found that the total number of ransomware reports worldwide increased by 715% from 2019 to 2020.

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