Is Cyberinsurance a Vital Protection Against Ransomware? | #ransomware | #cybercrime

Cray agrees, citing insurance companies’ use of overly complicated paperwork. Insurance applications used to pose 20 to 30 questions, Cray says, but those forms now routinely include more than 400 questions worded in conflicting or confusing ways that make them difficult for applicants to answer.

Regarding questions about an organization’s immutable storage, Cray says, applicants might wonder, “‘Do I answer yes? My answer is yes.’” And then the insurer comes in and says, ‘Well, no, you didn’t have it across your entire environment, so we’re not going to pay.’” Of course, if applicants answer no to the question, their rates will certainly go up — if the insurance company doesn’t completely refuse to insure them. “That’s the reality of what clients are facing today,” Cray says.

DISCOVER: Find out the cyber insurance options you need to fight ransomware.

“It’s getting super difficult to get it, to maintain it and then to adhere to it,” Roberts says of cyber insurance. Even when trying diligently to comply with the terms of a policy, organizations run the risk of an insurance company picking apart a policy and ultimately saying,

“‘Well, you weren’t doing this one thing, so we’re not going to pay out.’” “I think companies have to take a look at that from a risk perspective,” Roberts says.

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