Analysis

Insurers Push For Security Standards Amid Cybercrime Crush

By Ben Kochman (September 2, 2021, 4:08 PM EDT) -- As Congress continues to drag its feet on enacting federal cybersecurity rules, the insurance industry has stepped in to fill the void behind the scenes, pushing policyholders to adopt strict security practices as a condition of receiving coverage for cyberattacks.

Efforts by insurance underwriters to tighten cybersecurity standards come as prices for cyber insurance have soared in recent years amid a spike in ransomware attacks, incidents in which hackers demand digital currency after freezing victims out of computer networks, stealing and threatening to leak sensitive data, or both.

Companies seeking insurance from the rising risk of a cyberattack are being asked...

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