Cyber insurers running for cover as ransomware attacks spike

In the absence of a state-backed fire service, some insurers even employed their own brigades, betting that limiting the damage to a property would be cheaper than rebuilding it - while also helping stricken owners. Mr Graeme Newman, chief innovation officer at London-based insurance provider CFC, draws a parallel with today's rapidly evolving market for cyber coverage, where insurers provide emergency support services as well as financial compensation. Now, "the insurers own the digital fire trucks", he said.