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Companies Use Kidnap Insurance To Guard Against Ransomware Attacks

Postby sunnyd » Fri May 19, 2017 12:27 pm

Story : http://www.reuters.com/article/us-cyber-attack-insurance-idUSKCN18F1LU





Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world's political hotspots to recoup losses caused by ransomware viruses such as "WannaCry", insurers say.

Cyber insurance can be expensive to buy and is not widely used outside the United States, with one insurer previously describing the cost as $100,000 for $10 million in data breach insurance.

Some companies do not even consider it because they do not think they are targets.

The kidnap policies, known as K&R coverage, are typically used by multinational companies looking to protect their staff in areas where violence related to oil and mining operations is common, such as parts of Africa and Latin America.







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