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by _adamb
1851 days ago
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This will ultimately just create a larger market for ransomware insurance. Insurance premiums are likely the lowest cost compared to 1) paying the fines or 2) actually improving security. Most businesses already have some form of insurance covering their liability in these situations and those will just price in whatever fines might need to be paid. |
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CEO of Swiss Re to said this[1]:
> He observed that the cyber insurance market is currently worth around $5.5 billion in premium, compared to “gigantic” yearly losses that extend into the hundreds of billions of dollars.
“There’s a cyber market that’s very tiny compared to the total exposure,” he told CNBC. “It’s going to grow but only a tiny minority of cyber is actually insured.”
“And I would actually argue that overall the problem is so big it’s not insurable,” Mumenthaler continued. It’s just too big. Because there are events that can happen at the same time everywhere that are much more worrying than what you just saw.”
[1] Pipeline cyber attack not surprising, says Swiss Re https://www.reinsurancene.ws/pipeline-cyber-attack-not-surpr...