Cyber Insurer’s Security Scans Reduced Ransomware Claims By 65%
A cyber insurer’s security scans during the underwriting phase and post-issuance have led to a 65% reduction in ransomware claims.
At this years’s RSA security conference, FBI Special Agent Joel DeCapua stated that 70-80% of all network breaches are caused by attackers hacking into remote desktop servers exposed on the Internet.
These breaches are then used by hackers for their own operations or sold on underground markets or forums.
Performing security scans before issuing policies
Since no company wants to deal with a ransomware attack, businesses commonly have cyber insurance to cover the costs to restore devices or the potential payment of ransoms.
To battle the rising tide of ransomware insurance claims caused by exposed RDP servers and vulnerable devices, cyber insurance company Corvus utilizes security scans as part of their underwriting process.
Corvus Scan is a non-invasive security scan that examines a customer’s network for exposed RDP servers, vulnerabilities in gateway devices and servers, and public-facing concerns.
The insurance company then provides a report to the customer about what equipment needs to be secured, including exposed RDP servers.
“Every customer receives the findings of the Corvus Scan with their insurance quote, and a detailed report with detailed security recommendations once purchased,” Corvus told BleepingComputer.
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Since introducing Corvus Scan 2.0 in April, Corvus states that the amount of ransomware-related claims has dropped by 65% with zero claims in new customers caused by breaches through RDP.
“Since the launch of the Corvus Scan 2.0 in April 2020, Corvus has written or renewed several thousand Cyber Insurance policies. The company’s overall rate of ransomware claims has dropped 65%, from 26% of all claims to a rate among the new policies of 9%. In fact, new policies have had zero RDP-caused ransomware claims during that time. Several Corvus policyholders did experience ransomware caused by other vectors of attack,” Corvus announced today.
These scans will continue to be conducted every quarter to warn of newly introduced threats for existing clients.
With the use of security scans to illustrate the security deficiency’s in a customer’s network, it not only dramatically reduces the risk to the insurance carrier but also forces businesses to shore up their defenses proactively.
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