Account Takeover Fraud , ATM / POS Fraud , Business Continuity Management / Disaster Recovery

Ransomware Defenses: Cyber Insurer Details Best Practices

Insurance claims being filed by ransomware victims are growing as criminals continue to hit businesses with crypto-locking malware. To avoid these claims, organizations can take a number of proven steps to better protect themselves, says Payal Chakravarty of insurer Coalition.

See Also: Real-World Strategies for Securing Remote Workforces and Data

While some big-name ransomware groups have historically specialized in big game hunting - meaning they seek large targets in pursuit of bigger ransoms - recent claims data has revealed a 40% increase in successful attacks against small and midsize organizations, with consumer goods and the healthcare sector being especially targeted, Chakravarty says.

In a video interview with Information Security Media Group at RSA Conference 2022, Chakravarty also discusses:

• What cyber insurance claims data is revealing about ransomware trends;
• Using cybercrime underground chatter to assess risk;
• Why cyber insurance is essential for combating ransomware.

Chakravarty heads product management for Coalition's risk and security products, which aim to collect and analyze massive amounts of data to evaluate risk and make automated, intelligent decisions for underwriting companies. She previously supported product management at Splunk, Sysdig and IBM.