To town councillors in Essex, Ont., it sounded like an expensive, if necessary, proposal.
At a public meeting last August, the town’s insurance provider pitched a new type of policy that he said a growing number of municipalities are buying: coverage against cyberattacks.
“By purchasing this layer of protection, you can have a little peace of mind,” Wally McNeilly, of Aon Risk Solutions, told the councillors.
Spurred by reports of criminals hijacking computer networks and demanding payment, more and more local governments and companies are purchasing specialized insurance coverage against these high-tech crimes. However, some security experts warn that insuring against attacks — and, in particular, paying ransoms — is likely to embolden hackers by increasing their confidence they can get paid.
Source: CBC News
Date: February 6th, 2020
- Does it make sense that have insurance to pay off a ransom demand makes it more likely that ransomware criminals will ask for more money?
- “There’s no industry that’s not picked on anymore when it comes to cybercrime.” What are you doing to be a part of this growing cybersecurity industry?