Cyber Security Insurance – Ransomware-Option of DIY Recovery

Recent survey in UK indicated there is considerable drop in claims on Cyber insurance between 2022 and 2024 despite more organizations have opted for this cover.

The findings are likely linked to an increased number of ransomware recoveries. Previous years most organization chose to pay out in the event of an attack, hence, it had negative impact on Cyber insurance policies and prices increased. Insurers have now asking, vital information on data recovery plan.

This year, it is anticipated, many industries likely to recover from backup, rather than pay a ransom. By paying the ransom, there is no guarantee, organizations can get back data.

There would be two positive outcome when organizations opted to take Cyber insurance viz., (i) ensure business are financially protected in the event of an attack and (ii) encourages organization to meet industry standards for resilience.

The recent increase in Cyber attacks and Microsoft-CrowdStrike outage created a great awareness for the importance of cybersecurity measures and proactive risk management strategies.