Some cybersecurity professionals are concerned that insurance policies designed to limit the damage of ransomware attacks might actually be encouraging hackers.
FILE - In this Aug. 22, 2019, file photo, signs on a bank of computers tell visitors that the machines are not working at the public library in Wilmer, Texas. Twenty-two local governments in Texas were hit in August.
“Once a cybercriminal finds a formula that works for them, they’re going to stick to it,” said Tyler Moore, a cyber security professor at the University of Tulsa. “If you’re a company or a city that has this coverage, the decision of whether to pay is quite clear. It gets more difficult when you take a step back and look at the societal view.”
In a statement released two months later, Mayor Jon Mitchell said he was initially reluctant to negotiate, but he eventually concluded that it would be “irresponsible” to dismiss “the possibility of obtaining the decryption key if insurance coverage could cover the full cost of the ransom payment.” Insurers do not release detailed information about clients’ experience with ransomware, so it’s difficult to know how often victims agree to pay.by the nonprofit Cloud Security Alliance found that companies with insurance were more likely to pay a ransom to hackers threatening to release sensitive information — 28% compared with 22% for companies without insurance.
Texas officials have released little information on the ransomware that hit local governments, including the hackers’ specific demands. The Texas Department of Information Resources said in a statement released Sept. 5 that it was not aware of any community paying a ransom.
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