Ransomeware attacks are on the rise, as experts warned that new security threats may not be reflected in cyber insurance policies. Ransomeware attacks see hackers taking control of company data and demanding payment to release it. Defense and indemnity costs for cyber extortion can be included in cyber insurance forms, and language specifically covering the use of bitcoin payments has been added to many products. The latest attack is believed to have been carried out by a group calling itself “CyberCaliphate” which has claimed responsibility for several recent attacks. The Beazley Breach Insights report showed the company's Breach Response Services unit managed 1,400 ransomware attacks over the period, compared to 931 between January and September 2015.
Ransomeware attacks are on the rise, as experts warned that new security threats may not be reflected in cyber insurance policies. Ransomeware attacks see hackers taking control of company data and demanding payment to release it. The latest attack is believed to have been carried out by a group calling itself “CyberCaliphate” which has claimed responsibility for several recent attacks. The Beazley Breach Insights report showed the company's Breach Response Services unit managed 1,400 ransomware attacks over the period, compared to 931 between January and September 2015.