In an article published by Insurance Business Canada, CNA’s Jacqueline Detablan outlines the evolving cyber risks through the COVID-19 pandemic.

“Since 2017, we’ve seen ransomware demands increase significantly. Whereas hackers used to demand amounts of $25,000-$50,000, now they’re demanding $2 million or more in Bitcoin. We negotiate with the bad actors to try to reduce or eliminate those demands, but every situation is unique. Sometimes, the hackers have already exfiltrated the data, which reduces our ability to negotiate because they have leverage. And even if the insured can limit their business interruption by reverting to back-ups or any other restorative measures they may have in place, if the bad actors have successfully exfiltrated data, it makes any negotiation much more difficult." Jacqueline Detablan, Vice President, Specialty, CNA Canada.

For more information and personal insights, read the article "Claims handling should be every cyber insurer's "number one priority", published in Insurance Business Canada.

Published article: HERE