UK association defends ransomware payments in cyber insurance policies


The Association of British Insurers (ABI) has been accused of “funding” organized crime by including ransomware blackmail payments in cyber insurance policies. 

As reported by the BBC, ABI said that the inclusion in first-party policies was not “an alternative” to organizations doing everything else possible to mitigate the damage and operational risk caused by cyberattacks, but without it, victims could face “financial ruin.”

Oxford University’s Prof. Ciaran Martin said that insurers taking this approach were “funding organized crime” and as it remains legal to do so, there are “incentives” to pay up. 

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