White Paper

As Insureds Up Their Cybersecurity Defenses, Cybercriminals Are Getting More Creative

Tactics like double extortion and targeted attacks are becoming more common.

White Paper Summary

After suffering a ransomware attack, a team of business leaders felt confident they didn’t need to give in to the attackers’ demands for payment.

Though their files were encrypted by the ransomware gang, they had strong backups. They’d contacted their cyber insurer, which put them in touch with legal counsel and a forensic specialist. These experts helped them get in touch with the FBI, which had a decryption key for this particular ransomware gang. All seemed to be going smoothly until they entered the key and found a number of files in their virtual machines were still locked.

“It turned out that another ransomware gang had also encrypted its system,” said Danielle Roth, head of cyber and tech claims for AXA XL.

So the company had to pivot. It needed to get its machines back up and running. The ransom negotiator reached out to the second group of threat actors, who had the team continue to negotiate with the first group. The insured eventually got its files back, after paying the first group of attackers, who then had the second group release the decryption key.

To learn more about AXA XL, please visit their website.

AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally. We partner with those who move the world forward. To learn more, visit www.axaxl.com.

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