Ransomware is a type of malicious software cyber criminals use to deny access to data or systems. The criminals hold your businesses systems or data hostage until a ransom is paid. Like many other cyber threats, ransomware gets into your system when employees open a malicious email or visit a malicious website. The average ransom paid in 2016 was $679 according to Symantec’s Ransomware & Business Report. However, the true costs of an attack are the financial losses and reputational damage you suffer during business downtime.
Can You Insure Against Ransomware?
The answer is yes. Our agents can help you purchase a cyber liability insurance policy that has the option to include coverage for cyber extortion loss. Having the proper cyber coverage in place entitles you to assistance in responding to a threat and also reimburses the ransom amount if a payment is made. Contact us today to get your cyber liability quote.
Small businesses are increasingly becoming the target of cyber criminals. As with all cyber threats, educating your employees is your best defense.
- Make sure employees are aware of ransomware and of their critical roles in protecting the organization’s data.
- Keep operating system, software, and firmware on digital devices up to date
- Ensure antivirus and anti-malware solutions are set to automatically update and conduct regular scans.
- Manage the use of privileged accounts—no users should be assigned administrative access unless absolutely needed, and only use administrator accounts when necessary.
Business Continuity Efforts
- Back up data regularly and verify their integrity regularly.
- Secure your backups. Make sure they aren’t connected to the computers and networks they are backing up.
- Have a cyber liability insurance policy in place
Our licensed insurance agents work exclusively with small businesses to put cyber liability policies in place to help mitigate the impact of ransomware. To request a cyber liability insurance quote today call 844-325-9516 or click below to submit a quote request.