Would banning ransomware insurance stop the scourge?
Ransomware attacks cause significant financial losses, prompting discussions on banning insurance for ransom payments. Experts debate the effectiveness of this approach, advocating for improved cybersecurity measures instead.
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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 focus on enhancing digital resilience and security practices is essential to address the root causes of ransomware attacks. The debate continues, with some experts warning that a payment ban could inadvertently increase attacks on critical infrastructure. Ultimately, while the idea of banning ransom payments is gaining traction, the complexities of the issue highlight the need for a multifaceted approach to combat ransomware effectively.
- Ransomware attacks are causing billions in losses and threatening lives.
- A proposed ban on insurance reimbursements for ransom payments aims to deter cybercrime.
- Experts are divided on the effectiveness of such a ban, citing potential negative impacts on businesses.
- Improved cybersecurity measures and regulations are suggested as more effective solutions.
- A payment ban could unintentionally increase attacks on critical infrastructure.
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Would banning ransomware insurance stop the scourge?
Ransomware attacks are causing significant financial losses, prompting debate on banning ransomware insurance. Experts argue this may not deter payments and could worsen risks for smaller businesses and critical infrastructure.
2 commentsProsecuting the companies who have paid, disbarring their attorneys, and seizing their assets to pay off future victims of ransomware (so they can replace their systems and data) would stop ransomware.
Immutable data backups seem like they could help.
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A ransomware attack on Indonesia's national datacenter disrupted services for 210+ institutions. LockBit 3.0 variant Brain Cipher caused delays in immigration services and student registrations. Attackers demanded $8 million ransom. Indonesia faces cybersecurity challenges.
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Research shows ransomware demands surpass $5 million per attack on average. 421 confirmed attacks in 2024's first half, targeting private businesses, government, and healthcare. LockBit identified as top operator despite law enforcement interference.
Insurers' losses from global IT outage could reach billions
Insurers face billion-dollar losses due to a global IT outage caused by a faulty update from CrowdStrike affecting 8 million Microsoft Windows devices. Cyber insurance claims are expected to surge, impacting various sectors. Beazley remains positive, anticipating market changes.
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FBI Director Christopher Wray announced the dismantling of a Chinese-backed botnet used for espionage after FBI intervention. The agency has also aided ransomware victims and is pursuing an international treaty against ransom payments.
Would banning ransomware insurance stop the scourge?
Ransomware attacks are causing significant financial losses, prompting debate on banning ransomware insurance. Experts argue this may not deter payments and could worsen risks for smaller businesses and critical infrastructure.