New Insurance Product Adds Coverage for Cryptomining Malware Losses

Hijacking systems to mine cryptocurrency is a growing IT security issue. Now a cyber insurance company has announced an insurance product to protect organizations against the crime.

San Francisco-based Coalition's Service Fraud coverage reimburses organizations for direct financial losses from charges incurred through fraudulent use of software-as-a-service (SaaS), infrastructure-as-a-service (IaaS), network-as-a-service (NaaS), and telephony services, among other business services. The coverage isn't limited to cryptomining incidents, though. It also covers all forms of illicit use of services including toll fraud and unauthorized use of cloud services.

In announcing Service Fraud, Coalition cited Check Point research that shows 42% of organizations were impacted by cryptomining malware in the first half of 2018, an increase from 20.5% from the previous six months.

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