2021 Ransomware Insurance Update, Explosion Of Ransomware And Best Practices

Updated May 28, 2021: A previous version of this post erroneously stated that the ransomware attack on AXA happened after AXA's announcement that it was suspending insurance coverage in France for ransomware extortion payments.

Insurer AXA, among Europe's top five insurers, recently announced that it was suspending insurance coverage in France for ransomware extortion payments. AXA said it made this decision in response to concerns raised by French justice and cybersecurity officials during a recent Senate roundtable in Paris about the global epidemic of ransomware. Notably, days before AXA's announcement, the insurer was hit by a ransomware attack.

AXA's move reflects a growing sentiment around the world that the current state of insurance coverage for ransomware payments is fueling the ransomware business. Earlier this year, The Guardian interviewed the founding head of the United States National Cyber Security Centre, Ciaran Martin, who asserted that the