Let’s note a specific story from Reuters. Insurers have halved the amount of cyber cover they provide to customers after the pandemic and home-working drove a surge in ransomware attacks that left them smarting from hefty payouts. Limits have halved – where people were offering 10 million pounds ($13.50 million), nearly everyone has reduced to five.
Insurance broker Marsh said that premium rates have almost doubled in the United States and jumped by 73% in Britain due to the frequency and severity of ransomware attacks. RPS said rates for some policies had risen by as much as 300%.
Insurers note that some attackers even check to see if potential victims have insurance… making them a more appealing target.
Why do we care?
Rates are going up, coverage is going down, and having coverage makes you a target. First thing first – make sure customers (and yourself) aren’t actively disclosing this. Security by obscurity isn’t the only answer, but no reason to make the attacker’s job easier.
Is this in your 2022 planning? Your and your customer’s budgets had better reflect this – if you can even get it.