Would banning ransomware insurance stop the scourge?

Ransomware attacks are inflicting significant financial damage on businesses and governments, prompting discussions on potential solutions, including a ban on ransomware insurance. White House cyber official Anne Neuberger argues that eliminating insurance reimbursements for ransom payments could deter cybercriminals by removing their financial incentive. However, experts express skepticism about the effectiveness of such a ban. Critics argue that larger corporations may still pay ransoms out of necessity, while smaller businesses could face devastating losses without insurance coverage. Some cybersecurity professionals advocate for improved cybersecurity measures and stronger regulations rather than a blanket ban on ransom payments. They suggest that a payment ban could inadvertently increase attacks on critical infrastructure and fail to address the underlying issues of digital insecurity. The debate continues as stakeholders weigh the implications of banning ransom payments against the need for effective cybersecurity strategies.

- Ransomware attacks are causing billions in losses and threatening lives.

- Experts are divided on the effectiveness of banning ransomware insurance.

- Larger companies may still pay ransoms, while smaller firms could suffer more without insurance.

- Improved cybersecurity measures are suggested as a more effective solution.

- A payment ban could lead to increased attacks on critical infrastructure.