According to a research paper examining cyber insurance and the cybersecurity challenge by defence think tank Royal United Services Institute (RUSI), this practice isn’t just encouraging cyber criminals, it’s also not sustainable for the cyber insurance industry, which warns ransomware has become an existential threat for some insurers.
“To date, cyber insurance has failed to live up to expectations that it may act as a tool for improving organisations’ cybersecurity practices,” RUSI said. And it warned: “Cyber insurers may be unintentionally facilitating the behaviour of cyber criminals by contributing to the growth of targeted ransomware operations.”
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