It’s painfully obvious at this point that ransomware continues to grow in popularity. As Fortinet’s FortiGuard Labs team found, the number of new ransomware variants doubled in just the first half of 2022 compared to the previous six-month period. It’s no wonder more companies are turning to cyber insurance to help recoup their losses when they do have to pay a ransomware settlement.
That’s an option – but think of it as a parachute for your parachute; it doesn’t take the place of having all of your other safety guards in place. Cyber insurance can also be a double-edged sword. It has grown in popularity and usually compensates for losses brought on by hacking and data theft, extortion and destruction. Because it sometimes covers ransomware costs, it may seem like a reasonable way to address this threat.
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