AXA pledges to stop reimbursing ransom payments for French ransomware victims

Insurance company AXA has revealed that, at the request of French government officials, it will end cyber insurance policies in France that pay ransomware victims back for ransoms paid out to cybercriminals.

While unconfirmed, the Associated Press reported that the move was an industry first. AXA is one of the five biggest insurers in Europe and made the decision as ransomware attacks become a daily occurrence for organizations across the world. ZDNet reported last month that AXA is the cyber insurance market share leader based on standalone policies.

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Source: ZDNet