Part B News: Richard Sheinis on Rising Costs of Cyber Insurance for Health Care Providers
In a Part B News story looking at the rising cost of cyber insurance for health care providers and companies as ransomware attacks grow, Richard Sheinis, Partner and Leader of Hall Booth Smith’s Data Privacy & Cyber Security Service Area, explains how the market has shifted over time with big payoffs.
“Years ago, when a company would be infected with ransomware, the ransom demand would be maybe $2,500, maybe $5,000. It seemed the business model of the threat actors was not to make the demand too high because then the victim couldn’t pay it,” he said. As the business model changed, however, “demands have gone through the roof, several of them paying in the millions of dollars.”
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