The cyber insurance industry has been concerned with the rising costs of cybercrime. The element of the unpredictability of the cybercrime world does not work well for the industry. New coverage and rising renewal rates are significant concerns. Premiums are rising by 10- to 20-fold. Recent research reports show that 70% of cybersecurity professionals believe insurance payments to companies that have paid a ransom exacerbate the problem and cause more attacks. Moreover, cyber insurance companies are targets themselves.

The question on everyone's mind is - to what extent is cyber insurance fueling ransomware attacks, or is it the best defense against paying ransomware?