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Insurance sector grapples with the rise of ransomware

Photo: Adobe Stock Images

Crime really is paying for cybercriminals who steal data and demand a ransom for its return as organizations opt to meet hackers’ demands. Many businesses are taking out insurance to allow them to do so, but insurance can only do so much.

In October 2021, the US government hosted several meetings bringing together a group of international officials and its own national security advisers to discuss one thing – ransomware.

The US corporate landscape had been littered with a growing number of instances of ‘cyberheists’, making cybercrime a topic of utmost and immediate