Home Podcasts Episode #14: Ransomware Attacks and the Impact on Cyber Insurance

Episode #14: Ransomware Attacks and the Impact on Cyber Insurance

With increased ransomware attacks Insurance premiums are blowing through the roof, and clearly, it’s time to do something about it. Dave Cole, CEO, Open Raven speaks about ransomware payments and the impact on business and cyber insurance.

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Ransomware and cyber insurance

The number of ransomware attacks has increased drastically. According to a report from security firm Barracuda, ransomware attacks grew 64% year-on-year between August 2020 and July 2021. The report says these attacks were carried out by a “handful of high-profile gangs,” such as Revil, Darkside and others. Ransomware attacks are making a big impact on cyber insurance.

The frequency of ransomware attacks has increased dramatically over the past year, with 93% more carried out in the first half of 2021 compared to the same period last year, according to Check Points mid-year security report.

And attackers are getting innovative too with ransomware as a service and triple-extortion ransomware techniques.

With increased ransomware attacks Insurance premiums are blowing through the roof, and clearly, it’s time to do something about it.

Dave Cole, CEO, Open Raven (Twitter: @mediafishy) and Brian Pereira, Editor-in-Chief, CISO MAG discuss ransomware payments and the impact on business and cyber insurance.

As Chief Product Officer of CrowdStrike, Dave took a nascent product line with a handful of small customers in 2013 and established it as a disruptive force in the industry that currently dominates endpoint security. He was also Chief Product Officer of Tenable where he steered the team through an aggressive growth phase, culminating in a successful initial public offering in the Summer of 2018.

In early 2019, Dave and Jack Daniel (B-Sides conference founder) started the Security Voices podcast as a sponsorless show focused on highlighting the diverse people and perspectives in cybersecurity. The podcast has released over 40 episodes and continues to publish new content monthly.

Dave is a frequent spokesperson, making appearances on NBC, CNN and elsewhere while speaking at industry events such as RSA, Black Hat and B-Sides Las Vegas. He has been a contributing author to a number of information security publications and books, including Crimeware: Understanding New Attacks and Defenses. Dave has authored a number of U.S. patents during his time at Foundstone and Symantec.