The NYDFS Issues New Guidance On Ransomware Attacks
As the Department of Financial Services noted in the Cyber Insurance Risk Framework in February 2021, the cost of ransomware attacks has also shaken up the cyber insurance market. Because of ransomware, loss ratios on cyber insurance increased from an average of 42% during 2015-2019 to 73% in 2020. Cybercriminals keep demanding larger sums –…