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AXA to Stop Reimbursing Ransom Payments
Tuesday, May 11, 2021
Another train of thought has it that the insurance industry can use its influence to improve baseline corporate security and therefore make life tougher for the threat actors, by writing rules into policies that stipulate payments will only be made if the customer has followed strict security best practices.
ImmuniWeb CEO, Ilia Kolochenko, argued that if AXA’s decision is limited to France, it’s unlikely to have a material impact on the global ransomware business.
“On one side, this decision will likely hinder flourishing ransomware business and indirectly incentivize would-be victims to implement better cybersecurity and enhance their cyber resilience,” he added.
“On the other, the categorical ban will unfairly discriminate against enterprises who adequately care about their cyber-defense but nonetheless fall victim to sophisticated attacks, perhaps because of their careless suppliers.” Read Full Article
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