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Instant Insights / October is National Cybersecurity Awareness Month

The COVID-19 pandemic has revealed new cyber threats. Now's the time for insurance professionals and insureds to reexamine cybersecurity strategies and coverage.

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Ransomware The ransom is really just the tip of the iceberg of cost and pain associated with ransomware attacks. (Photo: Jaruwan Jaiyangyuen/Shutterstock)

Ransomware has come a long way since the 1989 “AIDS Trojan.” Distributed by diskette, it encrypted the file names and directories of its victims. Ransom demands have also come a long way. The AIDS Trojan attack demanded $189 for the decryption key. In 2019 ransomware demands topped $12M.

As the CrowdStrike 2020 Global Threat Report succinctly puts it: “Ransom demands grew larger. Tactics became more cutthroat.” Particularly cutthroat has been the advent of encryption cum exfiltration.

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