SAN FRANCISCO—Ransomware may be the hot-button issue within the cyber landscape and, for the time being, ransom paid to hackers is covered by insurers.
From Advisen’s Cyber Risk Insights Conference here earlier this month, Samantha Riley, partner at Nicolaides Fink Thorpe Michaelides, said she has handled a “huge uptick” in claims on behalf of insurance carriers, who are paying out the claims under cyber extortion coverage.
Confirming Riley’s observation, Mickey Estey, senior vice president of E&O, cyber and media at RT ProExec of RT Specialty, said insurers have paid in the past with “not a lot of dispute.”
Read more at http://www.advisenltd.com/2016/03/15/cyber-ransom-its-covered-for-now/
Chad Hemenway, Cyber ransom: It’s covered, for now (March 15, 2016), available with subscription at Advisen Cyber Front Page News.
Advisen Ltd. 