Cyber insurance blamed for spike in ransomware attacks and payment demands

Source: Kathleen Foody | - AP

Some cybersecurity professionals are concerned that insurance policies designed to limit the damage of ransomware attacks might be encouraging hackers, who see insurers covering increasingly large ransoms and choose to target the type of institutions likely to have coverage. This year alone, the average ransom payment climbed from $12,762 at the end of March to $36,295 by the end of June — a 184% jump.

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