Cyber Insurance For Ransomware May Be A Thing Of The Past! – Technology

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United States:

Cyber Insurance For Ransomware May Be A Thing Of The Past!

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Darkreading.com reported that “In early May, global insurer
AXA made a landmark policy decision: The company would stop
reimbursing French companies for ransomware payments to
cybercriminals.”  The May 24, 2021 article entitled
Cyber Insurance Firms Start Tapping Out as
Ransomware Continues to Rise
” included these comments:

Ransomware payments continue to be a controversial
capitulation to cybercriminals.

Already, governments have started pressuring companies to
not pay ransomware, with the US Department of Treasury’s Office
of Foreign Assets Control (OFAC) warning in October that businesses
could be violating US law if they pay groups that have been put on
the sanctions list.

And almost two years ago, following attacks on many local
governments and school districts, a group of more than 1,400
elected local mayors pledged to not pay ransomware groups.

Please stay tuned since Ransomware is not going away!

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.

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