The cost of ransomware to businesses is estimated to have doubled since 2019 to $20 billion, according to Coveware. Policyholders turn to their insurance policies to recover losses which average more than $230,000 per incident. More than half (56%) of ransomware victims paid the ransom to restore access to their data last year, according to a global study of 15,000 consumers conducted by global security company Kaspersky. Yet for 17% of those, paying the ransom did not guarantee the return of stolen data.
Joining me to discuss an important ruling on insurance coverage for ransomware incidents Scott Godes, a partner with Barnes & Thornburg. Scott advises and represents policyholders regarding insurance coverage for cyberattacks, data breaches and cyber security issues, business email compromises and CEO fraud, network failures, advertising injury, libel, ransomware, and personal injury claims.
This podcast is the audio companion to the Journal on Emerging Issues in Litigation, a collaborative project between HB Litigation Conferences and the Fastcase legal research family, which includes Full Court Press, Law Street Media,
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I hope you enjoy the interview, and how I managed to work in Scott’s gymnastics experience with zero finesse.