Cyber-Insurance Backfires: Ransom Demands Soar 2.8x, Study Reveals!
Ransomware operators are like opportunistic salespeople who spot the word “insurance” and immediately see dollar signs. The study confirms that cyber-insurance can lead to ransom demands skyrocketing by 2.8 times. It’s a digital version of finding a golden ticket, but instead of Willy Wonka, you’re dealing with cybercriminals.
Hot Take:
Who knew cyber-insurance was like wearing a “Kick Me” sign around your neck in the digital world? Turns out, if you’re covered, you’re basically screaming “I’m an ATM” to ransomware operators. Maybe it’s time for insurance companies to offer some invisibility cloaks with those policies!
Key Points:
- Ransom demands increase nearly threefold if victims have cyber-insurance.
- Insurance-backed victims are more likely to pay and pay more than uninsured ones.
- Phishing emails are the primary infection method, with spam and malicious apps also notable vectors.
- ICT and retail sectors are frequently targeted, with ICT paying the most.
- Backup systems significantly reduce the likelihood of victims paying ransoms.
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