Ransomware Attacks Moves Reinsurance Rates Up 40%

Share post:

In order to reduce the risk that companies face when paying ransom to companies after a ransomware attack, insurance companies are now pushing for a significant premium increase.

According to James Vickers, chair of Willis Re International, rates will rise by up to 40% from the renewal season in July.

Given the many debates about the role that insurance companies play in the increase in ransomware attacks, Vickers told Reuters that France is considering forcing all cyber insurers to stop reimbursing ransom payments given that it has become lucrative for cybercriminals.

For more information, read the original story in ZDNet.

Featured Tech Jobs

SUBSCRIBE NOW

Related articles

Canada cyber centre issues caution after group from India issues threat

'Indian Cyber Force' issues threat after Canada says it has evidence of possible ties to India in the killing of a Sik

Cyber Security Today, Week in Review for the week ending Friday, Sept. 22, 2023

This episode features discussion about the MGM Resorts ransomware attack, and on recent DDoS attacks against Canadia

Despite AI, infosec leaders have ‘job security forever,’ conference told

Don't worry about AI taking the jobs of CISOs, a panel at the SIBOS 2023 conference in Toront

Despite AI, infosec leaders have ‘job security forever,’ conference told

Don't worry about AI taking the jobs of CISOs, a panel at the SIBOS 2023 conference in Toront

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways