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Ransomware becomes growing concern for insurers

Posted On: Oct. 20, 2021 9:33 AM CST

Analysts at U.S.-based Fitch Ratings Inc. said that ransomware has emerged as a “growing concern” for insurers and reinsurers, as the industry has witnessed several high-profile ransomware attacks recently, Reinsurance News reported. Rapid digitalization, greater availability of tools and high potential of financial payouts are driving the frequency of ransomware attacks.