A Cyber Insurance Perspective on Ransomware and Its Business Impact

May 25, 2021 · Original article ↗

Summary

A Huntress interview discusses ransomware’s business and insurance costs, changing ransom severity, and how basic security practices—such as training, closing RDP, and reviewing access—may help reduce risk.

Key points

Coalition’s CEO said its policyholder data showed ransom demands doubled from the first half of 2020 to the second, while ransomware severity had peaked earlier and was declining slightly.
The interview highlights costs beyond ransom payments, including incident response, business interruption, and lost income.
The article describes how ransomware has expanded from encrypting individual computers to targeting business networks and backups, and using data theft to increase pressure on victims.
The interview discusses phishing and accounts without multi-factor authentication as possible paths to broader system disruption.
Recommendations include security awareness and phishing simulation training, closing exposed RDP access, and reviewing account access and permissions.
The interviewee advises against paying ransoms unless necessary, while acknowledging the difficult trade-off for businesses facing potential failure.