Ransomware Risks Drive the Need for Critical Cyber Loss Controls

The ransomware business is booming and could be bringing in billions for some of its top players according to a Financial Crimes Enforcement Network (FinCEN) report. The report found suspicious ransomware-related payment transactions totaled around $590 million from January 2021 to June 2021. In addition to extortion demand increases, ransomware has grown in both frequency and severity.

A ransomware incident is one of the most disruptive and costly attacks your credit union can suffer. As a result, the cyber insurance marketplace is changing at a rapid pace with increased scrutiny for loss controls being in place during the underwriting process.

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