About five years ago, when data breach was considered the top cyber concern, there were classes of business – like manufacturing, distribution, warehousing, and transportation – that were considered lower risk because they held less personally identifiable information (PII) relative to their peers in other industry verticals, like healthcare and financial services, which had experienced tons of very costly PII data breaches. This meant those PII-light verticals were eligible for significant discounts on their cyber insurance premiums.
But that is no longer the case. Hackers have proven indiscriminate in who they target with ransomware because they know that businesses will pay out in order to avoid lengthy business disruption.
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“Ransomware has really changed the landscape of the cyber insurance marketplace by turning the products into more of a business continuity backstop than a breach backstop,” said Matt Donovan (pictured), senior vice president, Amwins Brokerage. “In this recent ransomware epidemic, not only have the ransom extortion…
