Eighty-one percent of respondents had a
coverage limit under $600,000 – below
last year's median ransomware demand
WATERLOO, ON, Aug. 10,
2022 /PRNewswire/ -- BlackBerry Limited (NYSE: BB)
(TSX: BB) and Corvus Insurance today released the BlackBerry Cyber
Insurance Coverage study, showing businesses are increasingly
concerned about how they will meet ransomware demands. Only 19
percent of those surveyed have ransomware coverage limits above
$600,000, while over half (59
percent) hoped the government would cover damages when future
attacks are linked to other nation-states.
Small-to-medium sized businesses (SMBs) – who have become a
favorite criminal target – are especially feeling the heat. Of
businesses with under 1,500 employees, only 14 percent have a
coverage limit in excess of $600,000.
A recent Forrester report estimated that a typical data breach
would cost the average organization $2.4
million to investigate and recover. Perhaps unsurprisingly,
50 percent of SMB respondents hoped the government would increase
financial aid in all ransomware incidents.
"Not only are there more ransomware threats than ever, but the
criminals are more ruthless. They will iterate threats and wait
patiently in order to extract maximum damage," said Shishir Singh, Executive Vice President and CTO,
Cybersecurity at BlackBerry. "For uninsured and underinsured
organizations, this potentially puts them in extreme jeopardy. The
cyber underground is increasingly sharing learnings and partnering
to make threats as efficient as possible. It's vital businesses
strengthen their security posture against these threats by
supplementing insurance with a prevention-first software approach
that lowers their overall risk."
Many businesses reported cybersecurity coverages that are poorly
tailored to their current situation. Over one-third (37 percent) of
respondents aren't currently covered for any ransomware payment
demands, while 43 percent aren't covered for auxiliary costs such
as court fees or employee downtime.
At the same time, cyberinsurance has become harder to get, due
to increased software requirements placed by insurance brokers.
Over one-third (34 percent) of respondents have been denied
coverage due to not meeting specific Endpoint Detection and
Response (EDR) software requirements. These increased requirements
however may be having a real impact on reducing ransom payouts.
"Though it might sound counterintuitive, continuing to adhere to
software requirements is one of the best ways to fight the
ransomware industry," said Vincent
Weafer, CTO at Corvus. "In our portfolio alone, we've seen a
50 percent reduction in the ratio of ransom demands that end up
being paid. Better software adoption is a critical element in
better positioning organizations to stand up to attackers."
For additional information on the BlackBerry Cyber Insurance
Coverage study, please visit the BlackBerry blog.
Research Methodology
BlackBerry commissioned TEAM LEWIS Research to run an online
survey of 450 business decision makers for IT / security solutions
in the United States and
Canada. The fieldwork took place
between July 15 and July 22,
2022.
About BlackBerry
BlackBerry (NYSE: BB) (TSX: BB) provides intelligent security
software and services to enterprises and governments around the
world. The company secures more than 500M endpoints including over 215M vehicles. Based in Waterloo, Ontario, the company leverages AI
and machine learning to deliver innovative solutions in the areas
of cybersecurity, safety and data privacy solutions, and is a
leader in the areas of endpoint security, endpoint management,
encryption, and embedded systems. BlackBerry's vision is clear - to
secure a connected future you can trust.
BlackBerry. Intelligent Security. Everywhere.
For more information, visit BlackBerry.com and follow
@BlackBerry.
About Corvus
Corvus Insurance is building a safer world through insurance
products and digital tools that reduce risk, increase transparency,
and improve resilience for policyholders and program partners. Our
market-leading specialty insurance products are enabled by advanced
data science and include Smart Cyber Insurance®, Smart Tech E+O™,
and Smart Cargo®. Our digital platforms and tools enable efficient
quoting and binding and proactive risk mitigation. Corvus Insurance
offers insurance products in the US, Middle East, Europe, Canada, and Australia. Current insurance program partners
include AXIS Capital, Crum & Forster, Hudson Insurance Group,
certain underwriters at Lloyd's of London, R&Q Accredited, SiriusPoint, and
Skyward Specialty Insurance. Corvus Insurance, Corvus London
Markets, and Corvus Germany are the marketing names used to refer
to Corvus Insurance Agency, LLC; Corvus Agency Limited; and Corvus
Underwriting GmbH. All entities are subsidiaries of Corvus
Insurance Holdings, Inc. Corvus Insurance was founded in 2017 and
is headquartered in Boston,
Massachusetts with offices across the US, in the UK, and
Germany. For more information,
visit corvusinsurance.com.
Trademarks, including but not limited to BLACKBERRY and
EMBLEM Design are the trademarks or registered trademarks of
BlackBerry Limited, and the exclusive rights to such trademarks are
expressly reserved. All other trademarks are the property of their
respective owners. BlackBerry is not responsible for any
third-party products or services.
Media Contact:
BlackBerry Media Relations
+1 (519) 597-7273
mediarelations@BlackBerry.com
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SOURCE BlackBerry Limited