AP: In crosshairs of ransomware crooks, cyber insurers struggle

AP: In crosshairs of ransomware crooks, cyber insurers struggle. “Before ransomware evolved into a full-scale global epidemic plaguing businesses, hospitals, schools and local governments, cyber insurance was a profitable niche industry. It was accused of fueling the criminal feeding frenzy by routinely recommending that victims pay up, but kept many from going bankrupt. Now, the sector isn’t just in the criminals’ crosshairs. It’s teetering on the edge of profitability, upended by a more than 400% rise last year in ransomware cases and skyrocketing extortion demands. As a percentage of premiums collected, cyber insurance payouts now top 70%, the break-even point.”

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