July 5, 2021

In order to reduce the risk that companies face when paying ransom to companies after a ransomware attack, insurance companies are now pushing for a significant premium increase.

According to James Vickers, chair of Willis Re International, rates will rise by up to 40% from the renewal season in July.

Given the many debates about the role that insurance companies play in the increase in ransomware attacks, Vickers told Reuters that France is considering forcing all cyber insurers to stop reimbursing ransom payments given that it has become lucrative for cybercriminals.

For more information, read the original story in ZDNet.