Many businesses have some form of cyber insurance as a precaution in case of a data breach or other cyberattack. In some cases, ransomware attacks are also covered by that insurance. If you have ransomware coverage, you might think that your ransomware woes are behind you. After all, isn’t that the point of having insurance?
But what does having ransomware insurance really mean? Here are some things to keep in mind:
In the past, insurers tended to take over the ransomware response for their customers. Insurers paid out very quickly to minimize the ransomware and downtime losses and managed the response for their customers, including deciding whether to pay a ransom or not and even hiring ransomware negotiators. In recent months, there has been more of an adversarial trend where insurers have been more likely to let the customer deal with the ransomware incident and dispute the decisions made or the coverage given. This means that you, as the customer, could have the burden of the ransomware response and a fight with your insurance company, even if your insurance initially pays out.
There is no standard ransomware insurance policy. The terms of the policy, what it covers, and what it doesn’t cover can vary widely. Insurers are changing the language of contracts as they attempt to limit their rising costs by limiting what is covered.
The amount covered in a ransomware attack may be far less than the actual cost of that attack. Your coverage may or may not cover ..... Click the button below to continue the article.
