The cyber insurance industry, too, is a prime target for crooks seeking its customers’ identities and scope of coverage. Before ransomware evolved into a full-scale global epidemic plaguing businesses, hospitals, schools and local governments, cyber insurance was a profitable niche industry. As a percentage of premiums collected, cyber insurance payouts now top 70%, the break-even point. Company spokeswoman Kelli Murray would not say if any cyber insurance policy contracts were on compromised servers. And for now, cyber insurers are mostly resisting calls to halt reimbursements for ransoms paid.

Source: ABC News July 05, 2021 04:18 UTC