But there are many reasons why this crime continues to develop:
- Cryptocurrencies make it possible to launder billions of dollars with little fear of being caught. More must be done to clamp down on the exchanges that wittingly or unwittingly facilitate this crime.
- The media continues to demonise businesses that fall victim to this crime, making them fear the accompanying negative publicity which in turn fuels the desire to pay rather than be “outed”. We must recognise that this is a crime and the only party that ought to be shamed is the perpetrator.
- Recent tough privacy regulations should also be questioned. Their accompanying fines and potential route for statutory damages are making it even more lucrative for criminals to steal. Businesses now fear the financial consequences of the data being leaked, making this one of the most common tactics in the evolving crime of extortion. We must stop seeking to punish the victims and instead focus on preventing the crime.
Cyber insurance has a critical role to play in tackling ransomware. There are already close connections between the industry and global law enforcement, with threat intelligence being shared and data being gathered. By following carefully structured paths and involving the right professionals we can ensure that payments are only made when absolutely necessary and that law enforcement are kept informed so they can use the intelligence gathered to track and ultimately catch the perpetrators.
Our goal is to provide the support and resources necessary to help businesses recover as quickly as possible, and to ultimately help protect our clients from this increasingly serious source of crime. As an industry we are committed to doing all we can to ultimately eradicate this vile bi-product of the digital age. And with almost $1tr in policy limits exposed, I don’t think there is any other part of the economy that has a stronger motivation to make it happen!