U.S. government urges cyber insurance companies to stop reimbursing ransom payments for ransomware attacks.

The U.S. government is urging new strategies to combat ransomware attacks, advocating for cyber insurance companies to cease reimbursing ransom payments. With 2024 anticipated to be a record year for such attacks, officials recognize the dilemma businesses face: pay ransoms to regain control or risk further damage. While the FBI advises against paying, the urgency of restoring operations complicates decisions, as companies also confront potential reputational harm and lawsuits.

October 18, 2024
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