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Ransomware insurance paid the Colonial Pipeline cyber ransom earlier this week. Colonial Pipeline has cyber insurance through AXA XL and Beazley among others, according to sources compiled by Reuters.

Cyber Insurance/data breach is critical to almost any business of any size. It doesn’t only pay claims, but provides expertise to guide a business through the recovery process and minimizing down-time.

Paying the ransom is not a good outcome.  It sends the message that it’s a successful way to make a lot of money.  There is also no clear message that the criminals will be pursued and prosecuted.  That will encourage more ransomware attacks  – perhaps even state-sponsored attacks to injure infrastructure – on more U.S. businesses.  Get. Insurance. Now.

kyle (884)