{"id":24323,"date":"2022-06-22T04:16:33","date_gmt":"2022-06-22T08:16:33","guid":{"rendered":"https:\/\/www.technewsday.com\/?p=24323"},"modified":"2022-06-22T04:16:33","modified_gmt":"2022-06-22T08:16:33","slug":"ransomware-insurance-check-the-fine-print","status":"publish","type":"post","link":"https:\/\/technewsday.com\/staging\/ransomware-insurance-check-the-fine-print\/","title":{"rendered":"Ransomware Insurance? Check The Fine Print"},"content":{"rendered":"

Ransomware insurance is slowly gaining prominence in the market as a means to enhance protection against the devastating effects of a ransomware attack.\u00a0<\/span><\/p>\n

Depending on the vendor, a ransomware policy may cover loss of income if the attack disrupts operations, or loss of valuable data. Other policies may also cover extortion by refunding the ransom paid to cybercriminals.<\/span><\/p>\n

The exact payout and terms are stated in the policy document, or the “fine print.” Fine prints also contain <\/span>exclusions<\/span><\/i>, which are circumstances under which the policy won’t pay out. This is where the problem lies.<\/span><\/p>\n

For instance, a policy may require that its customer complies to minimum efforts to protect their systems against ransomware. Moreover, a notification clause is usually included in the contract that requires users to notify their insurance vendor about the attack at the soonest possible time.<\/span><\/p>\n

Another common exclusion is war-related, where insurers refuse to pay out on a claim if the damage was because of war, or war-like actions. Currently, this is the most controversial item in the pipeline.<\/span><\/p>\n

The first matter for discussion is to agree on the definition of war.\u00a0 When does an act of aggression qualify as a war-related activity? Another issue is attribution because cyber attackers tend to disguise themselves and do not openly admit their involvement in an attack.<\/span><\/p>\n

Also, in the event of a ransomware attack, how does the insurer \u2013 or the claimant \u2013 prove the organization responsible for the attack and their motivation? Can that be found out at all?\u00a0<\/span><\/p>\n

Furthermore, ransom demands come in the millions, while damages could be as high as a billion dollars. Out of self-interest, insurance vendors will try to find any possible reason to refuse to pay a claim. In fact, most of these claims are commonly contested in court.<\/span><\/p>\n

The outcome of these cases are uncertain and may take very long to resolve.<\/span><\/p>\n

\n

For more information, read the original story<\/a> in Thehackernews.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Ransomware insurance is slowly gaining prominence in the market as a means to enhance protection against the devastating effects of a ransomware attack.\u00a0 Depending on the vendor, a ransomware policy may cover loss of income if the attack disrupts operations, or loss of valuable data. Other policies may also cover extortion by refunding the ransom […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[352,31,24,381,16],"tags":[],"class_list":["post-24323","post","type-post","status-publish","format-standard","hentry","category-financial","category-future-of-work","category-managed-services-outsourcing","category-operations","category-security"],"acf":[],"_links":{"self":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/24323","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/comments?post=24323"}],"version-history":[{"count":1,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/24323\/revisions"}],"predecessor-version":[{"id":24324,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/24323\/revisions\/24324"}],"wp:attachment":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/media?parent=24323"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/categories?post=24323"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/tags?post=24323"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}