Account Takeover Fraud , ATM / POS Fraud , Business Continuity Management / Disaster Recovery

Ransomware Defenses: Cyber Insurer Details Best Practices

Coalition's Payal Chakravarty Talks Ransomware Trends and Cyber Insurance
Payal Chakravarty, head of product for security and risk, Coalition

Insurance claims being filed by ransomware victims are growing as criminals continue to hit businesses with crypto-locking malware. To avoid these claims, organizations can take a number of proven steps to better protect themselves, says Payal Chakravarty of insurer Coalition.

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While some big-name ransomware groups have historically specialized in big game hunting - meaning they seek large targets in pursuit of bigger ransoms - recent claims data has revealed a 40% increase in successful attacks against small and midsize organizations, with consumer goods and the healthcare sector being especially targeted, Chakravarty says.

In a video interview with Information Security Media Group at RSA Conference 2022, Chakravarty also discusses:

  • What cyber insurance claims data is revealing about ransomware trends;
  • Using cybercrime underground chatter to assess risk;
  • Why cyber insurance is essential for combating ransomware.

Chakravarty heads product management for Coalition's risk and security products, which aim to collect and analyze massive amounts of data to evaluate risk and make automated, intelligent decisions for underwriting companies. She previously supported product management at Splunk, Sysdig and IBM.

About the Author

Mathew J. Schwartz

Mathew J. Schwartz

Executive Editor, DataBreachToday & Europe, ISMG

Schwartz is an award-winning journalist with two decades of experience in magazines, newspapers and electronic media. He has covered the information security and privacy sector throughout his career. Before joining Information Security Media Group in 2014, where he now serves as the executive editor, DataBreachToday and for European news coverage, Schwartz was the information security beat reporter for InformationWeek and a frequent contributor to DarkReading, among other publications. He lives in Scotland.

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