Cyber insurance gets more expensive as ransomware attacks target backup storage

A new report reveals that 93 percent of ransomware attacks are now targeting backup storage as a way of ensuring payment. The report from Veeam also shows that the success of attacks is having an impact on enterprises' ability to get insurance cover. 21 percent of organizations say that ransomware is now specifically excluded from their policies. Those with cyber insurance have seen changes in their last policy renewals. 74 percent saw increased premiums, 43 percent saw increased deductibles, 10 percent saw coverage benefits reduced. For the second year in a row, the majority (80 percent) of the organizations surveyed… [Continue Reading]