According to GlobalData, this situation — where the uptake of cyber insurance is far lower than the percentage of business owners detecting a cyber-breach — means commercial insurance providers may be exposed to cover the cost of cyber claims on traditional policies such as business interruption. (Credit: Gorodenkoff/Shutterstock) Is cyber insurance fueling more ransomware attacks? (Photo: Gorodenkoff/Shutterstock)

Recently, Delaware County, Pennsylvania, joined a growing list of entities struck by ransomware. The Philadelphia suburb announced that it paid $500,000 to regain full access to its network after hackers encrypted police reports, payroll and expense databases and other files. However, the ransom payment was covered by the municipality's insurance, according to local media.

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Victoria Hudgins

I am a reporter for Legaltech News where I cover data privacy, cybersecurity and technology's impact on the business and practice of law.

Coverage & Policy Issues
Commercial Lines
E&S/Specialty
Cybersecurity