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Despite the many business opportunities the Internet creates, the digital world also leads to a new breed of threats called ransomware. A form of cyber extortion, ransomware involves attackers getting a hold of your business’s most important and confidential documents. Cyber insurance can help you retrieve your information, but some say the coverage only fuels future ransomware attacks.
Ransomware is a cyber attack that involves attackers blocking access to a computer system and its files until they receive a payment. To gain access, attackers may trick users into clicking a link or downloading a malicious file through email or messaging.
Once the software is installed, it can lock or encrypt all the files on your computer. Hackers then demand a ransom if you want to access your files again.
To make matters worse, there’s no guarantee you’ll get your files back even if you do pay the ransom. And once your files have been compromised, any private or confidential info could still be sold or distributed by the hackers.
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Cyber liability insurance protects your business from the unexpected costs of a ransomware attack. Some policies also help with monitoring for cyberattacks and notifying customers and other people affected.
Along with ransomware, cyber insurance also covers other attacks like social engineering, hacked websites or malicious botnets.
Your insurance policy may pay expenses to recover your business’s sensitive information. Those expenses include:
You’ll find a few basic attacks in circulation that cyber insurance can help with:
Unlike past attacks that focus on traditional currency, today’s hackers may request Bitcoin or another cryptocurrency. This decentralized digital currency allows people all over the world to buy goods and services anonymously. Because no names or addresses are attached, cybercriminals can make cryptocurrency transactions without tracing their location or identity.
If your company suffers from a ransomware attack, follow these steps to secure your computer systems and report the attack:
The National Association of Insurance Commissioners (NAIC) warns people not to pay the ransom for several reasons. You have no guarantee that paying will ensure your data’s recovery in its original state. Attackers may unblock part of your files and then demand further payment. Or they may sell that information to other attackers after restoring it to you.
Whether to pay the ransom for a cyberattack is a hot debate among cybersecurity professionals. Some news reports suggest paying the ransom could lower the cost of restoring important data. Other reports say the attackers’ success could fuel them to attack other businesses. The final decision may rest in your business’s insurance coverage and your ability to absorb recovery costs.
Preventing ransomware attacks will keep your business safer than searching for a cure after the fact. Take a few steps to protect your business against this cyber risk.
Ransomware attacks can cause detriment to your business as you shoulder the costs of recovering important data and files. By choosing a businesss insurance policy tailored to your business, you can find peace of mind with protection against the financial damage a ransomware attack can cause.
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