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Due to the aggressive underwriting stance many carriers are now taking, it’s also important that organizations ensure their brokers are fully saturating the insurance market when obtaining proposals — this is particularly important for higher risk industries such as the manufacturing sector, financial institutions and professional service firms. (Credit: Shutterstock) Due to the aggressive underwriting stance many carriers are now taking, it’s also important that organizations ensure their brokers are fully saturating the insurance market when obtaining proposals — this is particularly important for higher risk industries such as the manufacturing sector, financial institutions and professional service firms. (Credit: Shutterstock)

Editor’s note: This is the second part of a two-piece series looking at the growth of ransomware and the implications for insurers. The first part reviewed what led to the situation and how the industry and regulators have responded so far.

The encrypted and unregulated nature of cryptocurrencies, long providing hackers with a perfect platform for malicious payments, is also under scrutiny. In order to further conceal their activities and launder their funds, cybercriminals are now utilizing a series of sophisticated transactions, foreign exchanges (with weak AML/KYC controls) and increasingly shifting from Bitcoin to AEC (anonymity enhanced cryptocurrencies) such as Monero.

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