AXA ends ransomware payment coverage in France in an industry first | #cybersecurity | #cyberattack

A French national flag and a flag displaying the AXA SA logo fly outside the insurance company’s headquarters in Paris, France, on March 6, 2018. (Photo: Christophe Morin/Bloomberg)

French insurer AXA announced on May 6 that it has stopped writing cyber insurance policies with reimbursement coverage for ransomware extortion payments made to cybercriminals, the Associated Press reported.

The move is an apparent first for the insurance industry, said the AP, which also noted that AXA informed them that the cessation only applies to France, does not affect existing policies, and does not impact coverage for responding and recovering from a ransomware attack.

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