Ransomware is an issue that is permeating all businesses and sectors, and we’ve seen an explosion in this area over the past year as a result of COVID, Partner Peter Halprin told Information Security Media Group in an interview. He explained that with people working from home and distracted, there are more ransomware incidents and therefore more insurance claims. And, as we are seeing more claims, he is noticing an uptick in disputes.
To protect themselves, he suggests that companies look at their insurance broadly. While, “Cyber insurance will have coverages like cyber extortion which will cover ransomware payments” and may provide breach response services, “Other coverage sources may be available such as crime insurance and property insurance.”
The interview touched on a number of cyber insurance topics, including the recent G&G Oil decision, war exclusions, ransomware payments and sanctions risks.
Listen to the full interview here.