Businesses increasingly concerned about meeting ransomware demands - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Property and Casualty News
Topics
    • Life Insurance News
    • Annuity News
    • Health/Employee Benefits
    • Property and Casualty
    • Advisor News
    • Washington Wire
    • Regulation News
    • Sponsored Articles
    • Monthly Focus
  • INN Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
Sign in or register to be an INNsider.
  • Exclusives
  • NewsWires
  • Magazine
  • Webinars
  • Free Newsletters
  • Insider Pro
  • About
  • Advertise
  • Editorial Staff
  • Contact
  • Newsletters

Get Social

  • Facebook
  • Twitter
  • LinkedIn
Property and Casualty News
Property and Casualty News RSS Get our newsletter
Order Prints
August 10, 2022 Property and Casualty News No comments
Share
Share
Tweet
Email

Businesses increasingly concerned about meeting ransomware demands

By Press Release

WATERLOO, ON, Aug. 10, 2022 /PRNewswire/ -- BlackBerry Limited (NYSE: BB) (TSX: BB) and Corvus Insurance today released the BlackBerry Cyber Insurance Coverage study, showing businesses are increasingly concerned about how they will meet ransomware demands. Only 19 percent of those surveyed have ransomware coverage limits above $600,000, while over half (59 percent) hoped the government would cover damages when future attacks are linked to other nation-states.

Small-to-medium sized businesses (SMBs) – who have become a favorite criminal target – are especially feeling the heat. Of businesses with under 1,500 employees, only 14 percent have a coverage limit in excess of $600,000. A recent Forrester report estimated that a typical data breach would cost the average organization $2.4 million to investigate and recover. Perhaps unsurprisingly, 50 percent of SMB respondents hoped the government would increase financial aid in all ransomware incidents.

"Not only are there more ransomware threats than ever, but the criminals are more ruthless. They will iterate threats and wait patiently in order to extract maximum damage," said Shishir Singh, Executive Vice President and CTO, Cybersecurity at BlackBerry. "For uninsured and underinsured organizations, this potentially puts them in extreme jeopardy. The cyber underground is increasingly sharing learnings and partnering to make threats as efficient as possible. It's vital businesses strengthen their security posture against these threats by supplementing insurance with a prevention-first software approach that lowers their overall risk."

Many businesses reported cybersecurity coverages that are poorly tailored to their current situation. Over one-third (37 percent) of respondents aren't currently covered for any ransomware payment demands, while 43 percent aren't covered for auxiliary costs such as court fees or employee downtime.

At the same time, cyberinsurance has become harder to get, due to increased software requirements placed by insurance brokers. Over one-third (34 percent) of respondents have been denied coverage due to not meeting specific Endpoint Detection and Response (EDR) software requirements. These increased requirements however may be having a real impact on reducing ransom payouts.

"Though it might sound counterintuitive, continuing to adhere to software requirements is one of the best ways to fight the ransomware industry," said Vincent Weafer, CTO at Corvus. "In our portfolio alone, we've seen a 50 percent reduction in the ratio of ransom demands that end up being paid. Better software adoption is a critical element in better positioning organizations to stand up to attackers."

For additional information on the BlackBerry Cyber Insurance Coverage study, please visit the BlackBerry blog.

Research Methodology

BlackBerry commissioned TEAM LEWIS Research to run an online survey of 450 business decision makers for IT / security solutions in the United States and Canada. The fieldwork took place between July 15 and July 22, 2022.

Older

Annexus company finding retirement plans receptive to annuities

Newer

69% of Americans concerned about their current financial situation

Advisor News

  • What happens if your clients work while receiving Social Security?
  • Fed official: Bank rules under review in wake of SVB failure
  • Lawmakers open to Biden’s call to claw back SVB executive pay
  • ‘Clear fees’ cited as most important for financial services firms
  • Commentary: Why Monte Carlo simulations can sell retirement investors short
Sponsor
More Advisor News

Annuity News

  • Commentary: Why Monte Carlo simulations can sell retirement investors short
  • Rethinking a 2023 rebalance as rate hikes remain
  • Why MYGAs are enjoying a renaissance
  • Nationwide and Fidelity Investments establish distribution relationship
  • Conning: Growing demand for in-plan annuities creates opportunity for insurers
Sponsor
More Annuity News

Health/Employee Benefits News

  • New mothers could receive Medicaid coverage for a year under bipartisan proposal for Wisconsin
  • How Medicare Advantage could become a marquee issue in Nevada's 2024 Senate race
  • Hood: We’re sliding towards single payer
  • NJ doctor admits role in health care fraud conspiracy
  • Here’s how Sutter Health will invest millions to bring doctors closer to California patients
More Health/Employee Benefits News

Life Insurance News

  • State insurance regulators pursue more data on industry use of AI
  • Modern Life announces distribution partnership with Symetra
  • LIMRA: Life insurance premium expected to maintain record levels through 2024
  • Sordid Murdaugh crime saga far from over
  • Iowa woman gets 2 years in prison for defrauding life insurance policy of neighbor
More Life Insurance News

- Presented By -

Top Read Stories

  • Is your client emotionally ready for retirement?
  • Insurance industry reps leery of NAIC big data, AI questions
  • Private equity insurance investors facing higher capital charges for CLOs
  • When it comes to investment decisions, 2 personality traits stand out, study says
  • 7 steps on how to be a successful female financial advisor
More Top Read Stories >

Press Releases

  • Senior Market Sales Enters Under-65 Individual Health Insurance Market With Acquisition of O’Neill Marketing
  • RFP #T01723
  • Trusted by 22 of the Top 25 Property and Casualty Carriers, Insurity Strengthens Its Position as a Top 2 Core System Provider for P&C Software
  • Insurity’s Cloud-Based Sure Underwriting Workbench Now Available in the Microsoft Azure Marketplace
  • Insurity Expands Commitment to the MGA Market, Creating the Most Comprehensive MGA Product Suite for the Open Digital Ecosystem
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits
  • Property and Casualty
  • Advisor News
  • Washington Wire
  • Regulation News
  • Sponsored Articles
  • Monthly Focus

Top Sections

  • Life Insurance News
  • Annuity News
  • Health/Employee Benefits News
  • Property and Casualty News
  • AdvisorNews
  • Washington Wire
  • Insurance Webinars

Our Company

  • About
  • Editorial Staff
  • Magazine
  • Write for INN
  • Advertise
  • Contact

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2023 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • AdvisorNews

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.