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The ransomware market is complex and becoming more so. OFAC regulations make paying ransomware through the U.S and it citizens illegal. Insurer exclusion clauses and OFAC make cyber insurance coverage highly unlikely, other than to fix the incident, new cyber regulations will require covered organisations to report cyber incidents to regulators, in some cases within hours. Some regulations request civil and criminal penalties, and some affect organisations in Europe that fall within 250 FTE and EUR 50Million turnover.
The ransomware market is not backing down anytime soon. Not until there are solutions to the management of cybersecurity risk for the +99% of SME organisations, that service our economies. The cyber game is to easy and simple, cyber is about volumes, there are few hackers and many targets; cyber is more profitable than the cocaine industry with 90% margins; effective at stopping CNI; the tools are cheap; location independent and security of most organisations is less than poor.
Reading the transcript between a hacking group and target recently, ransomware is a machine. What makes it hard is the targets are often small family businesses that have been around for generations. Organisations that cannot afford to implement cyber or pay for the cyber insurance. But until the insurance industry, government and big cloud providers decide to build better risk transfer solutions, this will not change.
A solution we presented to the DoD, cyberspace solarium commission, big insurers and reinsurers in 2021/ 2022. Maybe the ONCD, SEC and EU cyber strategy and regulations will start a change?
Ted Dziekanowski
#cybersecurity #cyberriskmanagement #cyberinsurance #cyberregulation #theaugustagroup
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