What’s rocking the insurance industry by creating the highest severity and most frequent losses for insurance carriers? One word: ransomware. Unlawful hackers take control of systems and try to force companies to pay huge amounts to unlock them.
The average ransomware payout has grown to nearly $234,000 per event, according to the Coveware Quarterly Ransomware Report (Q3 2020). One cybercriminals gang extorted at least $75 million from private sector companies, local governments, and hospitals, a former NSA contractor determined in a months-long study released this month.
Episode 6 of our SON OF A BREACH! podcast series dives deep into the world of cybersecurity insurance and the ramifications of ransomware. Senior Vice President and Principal at RHSB Insurance Doug Jones joins CRITICALSTART Chief Technology Officer Randy Watkins and brings his expertise in insurance risk management that began more than 30 years ago. Jones has focused on technology-oriented risk and cybersecurity insurance for more than 20 years.
The ransomware risk is real, so tune in for clear explanations and practical insights on:
Industry experts discuss budget, investment and all things financial you should consider as you build out your organizations security roadmap.
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