Washington Post – “The recent surge of ransomware attacks is upending the cyber insurance industry, pushing up the requirements and cost of coverage just as more companies need it. Ransomware attacks — in which cybercriminals take over an organization’s computer network and demand a payment to hand back control — have increased in frequency and severity over the past two years. According to blockchain research firm Chainalysis, ransom payments from companies increased 341 percent to a total of $412 million during 2020. “This is a tipping point this year,” said John Kerns, an executive managing director at insurance brokerage Beecher Carlson, a division of Brown & Brown, which sells cyber insurance. “I’ve been in business for 32 years and haven’t seen a market quite like this.” That is pushing insurance carriers to reevaluate how much coverage they can afford to offer and how much they have to charge clients to do so. Underwriters are demanding to see detailed proof of clients’ cybersecurity measures in ways they never have. For example, not using multifactor authentication, which requires a user to verify themselves in multiple ways, might result in a rejection…”