Regulators Are Homing In On Perils Of Ransomware Payouts

By Ben Kochman (February 12, 2021, 7:07 PM EST) -- A New York state regulator's recent warning that insurers are funding future ransomware attacks by paying extortionists on behalf of victims is the latest sign of authorities' growing scrutiny of the payouts, but it's far from clear whether the guidance will spur a slowdown in what has become a booming industry of cybercrime.

Insurance underwriters had already been trying to better price-in the threat of a cyberattack by requiring more detail from clients about their digital defenses before the New York Department of Financial Services issued its guidance for insurers Feb. 4, insurance and cybersecurity attorneys say. The agency cited the risk...

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