Gone are the days when cyber risk insurance was only offered to businesses and large organizations. Insurance companies now also offer cyber risk coverage to individual users. The objective of individual cyber insurance plan is to have a protection against the instances of identity theft, fraudulent and unauthorized transactions.
Recently, an Indian insurer has launched a cyber insurance policy for the whole family. One notable thing about this cyber insurance plan is that it also acknowledges the threat of ransomware. As per the provisions of the policy, the policyholders will also be eligible to file claims for ransom payments made to the cryptovirological operators for ransomware removal. The victims are required to report the incident within three days of the attack. The package also covers the legal and consultation fees for dealing with any traumatic experience originated from the cyberspace.
Implications of the given cyber policy
Usually, law enforcement bodies and digital security experts strictly advise against the payment of extortion money for ransomware removal. But having an insurance policy that also covers ransom payments, it will become somewhat tricky for affected users to stick to the aforementioned advisory. Knowing that the amount will be reimbursed, the majority of affected users will not hesitate in paying the attackers.
A better approach
Insurers can cover ransomware attacks but with a different approach. They can offer the reimbursement of funds used to get professional services for ransomware removal. It is important not to yield to the demands of ransomware operators for dissuading future ransomware attacks. The nonstop and easy ransom collection through insurance coverage will encourage more cybercriminals to foray into the realm of ransomware. Nevertheless, the inclusion of ransomware protection in cyber insurance coverage is an acknowledgment of the fact that cryptovirological attacks have prevailed in every digital domain.
