It’s fair to say that the explosive growth in ransomware attacks over the past year or so, combined with the big-game-hunting approach from ransomware operators, has set the cyber insurance industry back on its heels. As the direct and indirect costs of cyber attacks have increased, insurance providers have taken a renewed approach to cyber, and the role they play in helping set standards for detection, resilience and incident response.
Michael Phillips is Chief Claims Officer of the cyber insurance firm Resilience. He also serves as Co-Chair of the Ransomware Task Force convened by the Institute for Security & Technology. He joins us with insider insights on how specialists in the cyber insurance world are adapting to a rapidly evolving landscape.