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Axa halts coverage for ransoms paid to ransomware gangs

Cyber coverage

French insurer Axa SA has decided to cease cyber insurance coverage for ransoms paid by the policyholders to the ransomware gangs, US News & World Report reported citing the Associated Press. The decision, which affects only France, is in response to the concerns recently raised by French justice and cybersecurity officials around rise in ransom payments and the rampant growth of ransomware attacks.

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