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Major ransomware worm attacks such as the recent one dubbed ‘WannaCry’ which hit 150 countries are expected to become more frequent and expose the cyber protection gap in the global economy, according to experts.
A massive ransomware worm caused damage across the globe over the weekend of May 13-15, 2017, stopping car factories, hospitals, shops and schools.
Starting first in the UK and Spain, the malicious WannaCry software quickly spread globally, blocking customers from their data unless they paid a ransom using Bitcoin, including UK’s health care system NHS, Spain’s telecoms firm Telefonica and French carmaker Renault.
Unlike the US, where the cyber insurance market is comparatively well developed, elsewhere in the world such attacks may leave affected organisations with millions of dollars of losses due to a low take-up of cyber insurance cover.
Cyber, ransomware, US, Europe, Insurance, Hiscox, Beazley, Russell Group, AIG, Clyde & Co, Microsoft, Suki Basi, Kevin Kalinich, Matt Webb