Cyber Insurer Perspectives on Ransomware. Insurance Market Outlook
The views of the insurance industry are not always prominent in the debate on ransomware. In order to provide a re/insurer perspective, we surveyed cyber insurance
Banning ransom payments
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Ransomware payments in the U.S. have totaled more than $1 billion. Most notably, a Russian ransomware attack forced Colonial Pipeline to shut down oil supplies to the eastern United States before the company paid hackers. As disruptive as this hack was, it pales in comparison to what would happen if America’s critical financial infrastructure were to be taken offline.
Total ransom amount paid by victims increased by 311% to reach nearly $350 million (in cryptocurrency). Notable victims include United Health Services, Orange and Acer. The problem has become so widespread that the ransomware “industry” is already worth $14 billion.
Canadian companies are also falling victim to ransomware attacks. In late 2020, the Canadian Centre for Cyber Security warned that ransomware attacks against Canadian businesses and critical infrastructure providers would almost certainly continue, and many victims will likely continue to give in to ransom demands.
