Too Funny

CRAIN'S COMMENTS

In a dark, evil sort of way.

Business insurers have been criticized for making payments for ransomware attacks. Ransomware as you probably know, unless you’ve been hiding under a rock someplace and don’t buy gasoline, is a malware attack in which the bad guys seize sensitive, confidential data, and then encrypt computers so they become useless. They then ask for money in return for providing the encryption key, and they also threaten to make the sensitive data public if the money isn’t paid.

In theory, paying off the attackers encourages them. However, without adequate backup technology, recovering from the attack without paying can be even more expensive.

Businesses have been relying on their insurers to make these payments. In turn, the businesses see increases in their insurance costs at renewal.

AXA is one of the most recent international insurers to announce that it would stop paying ransoms for its clients.

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