Ransomware hasn’t gone anywhere either
None of this replaces the market’s older, more familiar headache. Tarraf and his fellow panellists were unanimous on the Insurance Business Cyber Round Table that ransomware remains the dominant loss driver even as AI-related and third-party claims broaden the picture. Underwriters, they said, are asking sharper questions about controls such as multi-factor authentication and endpoint detection than they were a few years ago. But Tarraf cautioned that those questions are still too often binary: “Do you have MFA? Yes, no. There’s no nuance to it… quite often we get into a matter, a ransomware matter, and we ask the organisation, did you have MFA on remote access? And the answer is yes. And it’s a truthful answer… however, when you dig into it a little bit, you find that it wasn’t configured right, or the MFA wasn’t enforced on every single account.”
