Summary: A new study has found that if someone is hit by a ransomware attack, cyber-insurance can cause the operator's demands to touch the sky.
It is never fun to be hit with a ransomware attack. These attacks encryps your hard drive. You just pay ransom to reach your information. If you do not have enough money to pay, you can kiss all the information on your computer goodbye. The best thing is that all your information is backup, invest in anti-virus software, and be careful when browsing the web.
A safety measure you can use is receiving cyber insurance. This is a special form of insurance that covers the liability of your business for data violations. If you are planning to run a business or if you only want to be more secure, it is a great service to achieve it. However, this technique can spend more in terms of a successful hack.
Cyber insurance may touch ransomware.
A new report from Dutch police officer Tom Mayor The ransomware operators in the states want to take advantage of those who want to be more secure. If they manage to infiltrate your system, and they find that you have cyber insurance, they will demand a lot of money for you to regain your data.
According to the report, ransomware operators will increase their prices on average 2.8x. However, they can ask for 5.5x initial amount. The ransomware attacks are not to provide pocket change for operators, so the initial volume is already going to be high. Increasing this can make 5-touched things difficult for business.
Another thing in the report was that most of the operators investigate for insurance before extracting information. This information came from 453 ransomware attacks between 2019 and 2021. Therefore, it is very clear that business with cyber insurance can be a white whale for cyber criminal.