Cyber Insurance Renewals Denied During Ransomware Epidemic

The ransomware epidemic is in full swing which is making cyber insurance even more critical to businesses all over.

Cyberattacks have taken a significant rise in both the frequency and severity of them.  The most common targeted attacks involve ransomware and sophisticated social engineering scams.  Unfortunately, ransom demands have been increasing every year; over the $1 million threshold in 2018, over the $3 million threshold in 2019 and over the $50 million threshold in 2020.

Due to this, cyber insurers have had no choice but to push their services on businesses as well as make some changes along the way.  Some of the changes they have made are increasing deductibles, introducing stricter underwriting criteria and seeking more rate.  Insurance companies are also now requiring that certain levels of cyber security are in place before they even write a policy.  Otherwise, they cancel the policies and double and triple their cost, so it is very important to be proactive.

Although these changes may seem necessary, they are only a short term solution.  Of course, the long term solution would be to raise awareness around how serious ransomware and other cyber threats are.  As a hardworking business owner, could you imagine losing everything?  If you don’t have cyber insurance, now is the time to do so.


As always, CATS Technology Solutions Group is here to assist you with whatever you need, including any cyber insurance concerns.  However, it’s important to keep in mind that CATS Technology doesn’t have any control over the new policies that these insurance companies have put into place.  However, our technicians can guide you to take preventative measures that complement an existing security approach.  After all, prevention is key.

Share the Post:

Related Posts

Game Over or Game on? 7 Times Video Game Companies Were Targeted by Cyber Criminals

Video games are an escape from real life. A countless number of people play to be immersed in a world filled with adventure and excitement. While it is fiction and you remain safe from the dragons or zombies you battle, dangers of the digital realm can be real. Video game companies are in a constant battle against their own threats. Cyber Criminals find their way into every industry, and the video game realm is not the exception.

Read More

The Wire Fraud Epidemic: It’s Time to Get Defensive  

As the saying goes, “We know a thing or two because we have seen a thing or two.” In the past year alone, there has been a surge in the number of businesses falling victim to wire fraud. Many of these incidents occur because their emails have been left susceptible to email hacking. We are here to say… many of those incidents could have been prevented. Investing in proactive cyber security for your email systems is no longer an option, it is essential in mitigating against the cyber criminals that can potentially prey on your business. 

Read More