A Community for IT & Channel Technology Insiders

channelbytes tech talks
Cyber insurance is what’s keeping randsomware alive

Written by Nick Dinsmoor

December 8, 2019

Cyber insurance is what's keeping ransomware alive

It’s more than just hackers who benefit from ransomware attacks. Today, the US cyber insurance industry is an estimated $7 billion to $8 billion-a-year market — and it’s only growing from here. Corporations, local governments, police departments, schools and others are increasingly forced to perform cost-benefit analyses on paying ransoms to hackers due to pressure from their own insurance agencies. In one case, a city spokesperson commented, “At the end of the day, it really boils down to a business decision on the insurance side of things: them looking at how much is it going to cost to fix it ourselves and how much is it going to cost to pay the ransom.” It may not be the morally correct position, but it’s a valid point.

ATTACKS ARE GOOD FOR BUSINESS

~

Advanced Web Application Firewall (WAF)

Protection for today's new breed of cyber threats. Trusted by Chase Bank, JetBlue, Starbucks, & more.

Related Articles

How ESS Helps Push CAPEX into OPEX While Lowering TCO

How ESS Helps Push CAPEX into OPEX While Lowering TCO

Transforming CAPEX (capital expenses) into OPEX (operational expenses) is a great way to spread expenses out over time. To help our clients achieve this goal while reducing their TCO costs, Rahi Systems now offers our signature ELEVATE services as a subscription-based...

The Bird Rock Systems 2021 Guide to Cybersecurity Trends & Threats

The Bird Rock Systems 2021 Guide to Cybersecurity Trends & Threats

Many of us are looking forward to putting 2020 behind us. As we turn our attention to 2021, it’s critical that organizations in all verticals take time to prepare themselves for the challenges and potential cybersecurity attacks 2021 is likely to bring.  Familiar...

0 Comments

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

15 − fourteen =