All news with #cyber insurance tag

Ransomware Recovery Failures: Paying Often Doesn't Work

🔐 A Hiscox survey of 1,000 mid-sized firms finds ransomware remains a major risk: 27% of organizations reported attacks in the past year and 80% of victims paid ransom. Yet only 60% of those who paid recovered data fully or partially. Experts cite faulty encryptors, unreliable decryptors, corrupted backups and double/triple extortion as common causes. Industry specialists recommend tested recovery plans, retainers with incident response teams, and robust cyber insurance rather than relying on ransom payments.

Ransomware recovery falters: 40% of paying victims lose data

🔒 Two in five companies that pay ransomware attackers still fail to recover their data, according to a Hiscox survey of thousands of SMEs. The study found 27% of businesses were hit in the past year and 80% of affected firms paid a ransom, yet only 60% recovered all or part of their data. Experts blame flawed encryptors, corrupted or compromised backups, and complex double- or triple-extortion tactics. Organisations are urged to maintain tested recovery plans, forensic validation, and incident response retainers rather than rely on payment.

Black Hat USA 2025: Insurers Limit Vendor Exposure

🛡️ At Black Hat USA 2025 speakers warned that high cyber-insurance premiums can reflect insurers capping exposure to specific third-party vendors rather than a direct finding of poor security in a customer’s environment. Insurers may respond to exceeded vendor thresholds by issuing prohibitively high quotes instead of declining coverage, effectively pricing some customers out. Claims data presented showed 45% of new claims in H1 2025 involved an SSL VPN lacking MFA, and Coalition reported 55% of ransomware begins at perimeter devices.