The government will validate the compensation of the ransoms of cyberattacks
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A complaint will have to be filed for the insurance to cover the damage.
The government will put an end to the gray zone surrounding the payment of ransoms linked to hacking by insurersby validating the practice provided that a complaint is filed, according to a press release published this Wednesday, September 7 by Bercy.
This measure related to cyber-ransoms “will be an integral part of the orientation and programming bill of the Ministry of the Interior (LOPMI) presented this Wednesday, September 7 in the Council of Ministers“, adds the Ministry of the Economy. And “a task force dedicated to cyber risk insurance, bringing together the players concerned, will be set up by the end of September“, also indicates Bercy.
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According to a report by the Directorate General of the Treasury aimed at developing cyber risk insurance, it is necessary to “clarify the legal framework“, in particular through “the obligation of a complaint to be filed by the victim to allow the insurability of a cyber-ransom“explains the ministry.
Raising companies’ awareness of cyber risk
Until now, a gray area remained on this subject. While indemnification by ransom insurers was not illegal, a parliamentary report a year ago proposed banning it, ruling that “the payment of ransoms (by insurers) fuels cyber-crime” and “there is no guarantee that the ransom paid is a guarantee of a return to the initial situationfor the attacked company. Axa France had suspended the marketing of the option “cyber ransomware» since May 2021, the time for the insurance intervention framework to be clarified, and had been monitored by Generali France at the start of 2022.
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In its report, the Treasury stresses that in order to develop cyber insurance, which represents only 3% of professional damage insurance contributions, it is necessary, among other things, to better measure damage and therefore cyber risk, by sharing data between public and private, andincrease business outreach efforts“. “I would like these guidelines to be implemented as soon as possible.“, declared the Minister of Economy Bruno Le Maire.
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