- July 10, 2021
- Posted by: Stratford Team
- Category: Business
Former CIA Station Chief and Fox News contributor Dan Hoffman on how the Biden administration can combat recent cyber attacks, arguing ‘we need to take the fight to the enemy.’
Ransomware has become a business. And that’s having an impact on companies that provide cyber insurance.
The cyber insurance industry faced “a reckoning” in 2020 in the wake of a wave of ransomware incidents, according to a report from Fitch Ratings provided to FOX Business.
The direct loss ratio, a critical statistic for the industry, spiked in 2020 to 73%, compared with an average of 42% for the previous five years (2015–2019), according to a May 2021 Fitch Ratings report.
And the average paid loss for a so-called closed standalone cyber claim jumped to $359,000 in 2020 from $145,000 in 2019, Fitch said.
JBS USA paid an $11 million ransom to cybercriminals who temporarily knocked out plants that process roughly one-fifth of the nation’s meat supply. (REUTERS/Paulo…
