Australian insurers warn against outright ransomware payment ban

Insurance providers in Australia are cautioning against a full-on prohibition on paying ransoms; however, this dire situation is still leaving many businesses vulnerable to the extortionate demands of malicious actors.
27 April 2023
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The Insurance Council of Australia is urging the government to be mindful when considering an outright ban on paying ransoms or extortion in data breach incidents. 

Businesses need compatible and simplified cyber security measures, which could potentially come from a new Cyber Security Act. 

Reimbursements for organisations affected by such events should stay at their own discretion according to Andrew Hall, CEO and Managing Director, if enacted without proper assessment there may be unfavourable results that lie beyond our expectation. 

Insurers are also taking into account existing protections businesses have installed before deciding whether they can provide coverage - showing it's increasingly important that companies protect themselves against any digital threats as much as possible.

- CyberBeat


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