Kidnap insurance protects companies in the case of ransomware

business cyber insurance

Businesses that have not purchased cyber insurance policies are looking to alternative coverage for WannaCry losses. Companies without cyber insurance are reportedly making claims through their ransom, extortion and kidnap insurance policies in the hopes of recouping losses from WannaCry and other ransomware. The issue is that cyber insurance can be costly and businesses operating outside the U.S. rarely buy it. Aside from the expense associated with cyber insurance, many companies don’t think to buy it as they don’t feel that they would be the target of this type of…

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CNA unveils new insurance product for kidnap, ransom, and extortion


Continental National American Group (CNA) has announced that it is now selling an insurance product for kidnap, ransom, and extortion. The insurer explained that this product is designed to reflect the company’s understanding that events relating to security have broadened and can occur anywhere around the globe. Therefore, this coverage takes a step beyond the traditional spectrum of security-related event coverage in order to include any situations of this nature that can be experienced by any size of company in virtually every industry. The Kidnap, Ransom, and Extortion insurance from…

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