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Ransomware Has Been a ‘Game Changer’ for Cyber Insurance

August 30, 2021

Anyone who works in cyber insurance knows that the industry is never static. It’s a constantly evolving business as the risks change all the time, and this has never been more apparent than right now, said panelists for Insurance Journal’s recent webinar – Cyber Insurance: Is This the Beginning, Middle or End?

“The game changer,” said Justin Herring, executive deputy superintendent at the New York State Department of Financial Services (DFS), “has been ransomware.”

Ransomware attacks accounted for nearly one quarter of all cyber incidents globally last year, according to software company Bitdefender.

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