Why buy Cyber Liability Insurance?
Ransomware 101
Call today for a free benchmarking report to see how your cyber score ranks among
other properties.
You have probably heard a lot about ransomware from headlines and reports in the
news. The facts and figures in those stories don’t always provide a sense of what
actually takes place when an organization’s systems and data are held hostage.
Ransomware is fast becoming the number one cyber threat for almost every type of
organization: large and small; for-profit and not; highly technical and just entering
the digital world. By understanding this threat, you will be better prepared to face
the fast-evolving cyber risks in 2020 and beyond, as ransomware attacks are likely to
continue to proliferate.
In 2019, reports showed dramatic increases in overall ransomware attacks, including
a 118% increase through the first quarter of 2019 by one count and a 363% increase
through the first half of 2019 by another. The trend has not gone unnoticed. High
profile attacks on hospital systems and municipal governments, such as the cities of
Baltimore and New Orleans, have grabbed the most headlines. But no industry or
type of organization is immune. Attack trends will shift to wherever there appears to
be fertile ground.
Cyber Insurance can be a solution to transferring that risk, and to mitigating the risk
of an attack thanks to value-added services attached to cyber policies. By gaining a
better understanding of ransomware, we can confidently advise our clients on
appropriate cyber coverage, risk mitigation services, and how to develop a response
plan.
WORKERS’ COMPENSATION • GENERAL LIABILITY • COMMERCIAL PROPERTY • EPLI • UMBRELLA • CYBER LIABILITY • GROUP MEDICAL
Proudly serving as the endorsed insurance broker of CLIA!
