Ransomware is not new, a little digging shows that its been around for at least 20 years.

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Ransomware is not new, a little digging shows that its been around for at least 20 years. But until very recently its remained in the single digit million reported incidents (2015). There has been a significant jump to the 100s of Million in 2018/ 2019.

It is the most indiscriminate, damaging and costly form of cyber attack companies and individuals face today. A risk which is complex and costly to manage. The impact of a ransomware attack on any company can be significant, financially. Far in excess of the price of the policy, which is causing concern in the industry. Given the recent and rapid rise of ransomware related attacks.

As with other forms of cyber risk there are no quick fixes. Until there are agreed cyber risk standards in the insurance industry. To set an audited baseline requirement for cyber security across all industry sectors (which happens for other types of insured risks, such as fire protection). It is difficult to see how the industry can move forward. Without de-scoping cyber policies.

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