Insurance companies are implementing policies to encourage organizations affected by ransomware to make extortion payments as intrusions become increasingly serious around the world, according to a report by cybersecurity company Record Future’s news site The Record. Ann Neuberger, the Vice President’s National Security Advisor for Cyber and Emerging Technologies, has requested that the program be canceled.
In an op-ed in the Financial Times, Neuberger wrote, “Some insurance companies’ policies (for example, those covering reimbursement for ransomware payments) encourage ransom payments that fuel the cybercrime ecosystem. This is a nuisance that must be stopped.”
Although there has been little action from the insurance industry, banning the issuance of such insurance could encourage cybersecurity requirements and verification to be built into the underwriting process, Neuberger added. .
The development comes after 39 Counter Ransomware Initiative members and eight insurance industry bodies expressed support for guidelines on reviewing extortion payment decisions, which are part of the UK National Cyber Security It was similar to the previous guidelines agreed by the Center and the country’s health department.
