Beazley Report Shows Need For Broad Ransomware Coverage

Law360, Los Angeles (October 27, 2016, 9:04 PM EDT) -- Data breach insurer Beazley issued a report Wednesday projecting a fourfold increase in ransomware attacks among its clients over last year, highlighting the growing threat of cyber extortion and serving as a warning to policyholders to ensure they have sufficiently broad insurance coverage to cover ransom payments and response costs, experts say.

The report, which analyzed 1,500 data breaches that Beazley Insurance Co.'s breach response services unit handled in the first nine months of the year, found an explosion in the quantity of attacks attributable to ransomware, a type of malicious software designed to lock companies out of their computer systems...

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