Ransomware and BI: From prevention to loss mitigation
About this talk
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While ransomware is not a ‘new’ cyber threat, a steady increase in the severity and frequency of attacks is now starting to pose a persistant threat to the profitability of the cyber insurance market.
Hackers are becoming more sophisticated and – if managed poorly – the disruption to the affected business can be drawn out and destructive, amplifying the cost to both the victim and insurers.
With ransomware attacks such as Garmin and Blackbaud becoming both increasingly high profile and frequent, how can the insurance industry and cyber security vendors work together to mitigate the losses for both the client and insurers?
Up for discussion:
- How are ransomware attacks evolving and how prevalent is this threat now?
- How significant is the BI element of a ransomware insurance claim and how is this trending?
- How can the insurance industry work with cyber security vendors more closely to manage/minimise the BI element of the claim?
- Does working with chosen cyber security vendors significantly amplify the cost of cyber insurance? Is the perceived expensiveness of cyber cover still a deterrent to prospective buyers?
- How are the insurance industry and cyber security vendors working with insureds to encourage best practice and loss prevention with ransomware? Is enough attention given to the idea of prevention in insurer-client discussions?