February 19, 2020
Insurance industry campaign to increase cyber coverage overshadowed by discussion of ransomware
An insurance industry paper aiming to get the facts straight in response to media reports – and policymakers’ concerns – that cyber insurance may contribute to the growth in ransomware attacks also takes care to reassure the market: claims are paid.
“What do the critics get right? Just one important point: Cyber insurance pays claims,” Matthew McCabe, senior vice president and assistant general counsel for cyber policy at global insurance firm Marsh, wrote in the new report.