Ransomware: The Role of Cyber Insurance

We sought to answer the following questions:

• How has the rise in ransomware claims changed the cyber insurance market and cyber insurance coverage?
• Can cyber insurers help make organisations more secure or resilient against ransomware?
• What is the current role of insurers when a ransomware incident occurs?
• How has this role changed and where may it be headed?
• What are the incentives and disincentives to victims paying ransoms?
• What sort of public–private partnerships between the insurance industry and government would be effective for tackling ransomware?
• Is ransomware coverage sustainable for the insurance industry?

The project combined an extensive literature review with stakeholder interviews and workshops to gain critical insights into the cyber insurance industry. This involved engagements with a diverse global community, including insurance professionals, law enforcement, civil servants, cyber security and incident response experts, data breach lawyers and businesses.

RaCI’s research findings are pivotal in helping decision-makers to navigate cyber risk management approaches, understand ransomware challenges in the context of cyber insurance, and provide clear and actionable recommendations that can be adopted by governments and practitioners alike.