Ransomware is a plague on businesses and insurers. Cyber insurance can provide protection in the event your business falls victim. However – we’ve heard insurance rates are going up across the board due to ransomware, and hefty payouts that insurers have been forced to make. Fortunately, none of our clients have fallen victim, but we’ve heard some horror stories. Not only will the crooks encrypt your files, but they’ll also threaten to publish your sensitive data if you don’t pay – damaging your business reputation.
You may have heard about the ransomware attack on Colonial Pipeline on Friday. They brought in specialists to examine the evidence to determine what happened, restore normal operations, and secure systems. Often this means replacing entire systems and networks. We’ve heard the IT people and the company management will suffer PTSD-like symptoms due to the stress involved. Of course this is all very expensive – not to mention hefty ransom payments that may be involved. Cyber coverage can help with these costs.
We’ve noticed insurers becoming much more sophisticated lately – asking lots of tough questions about the security posture of us and our clients. Does your insurance company ask compliance questions? If not – get ready, because they probably will at your next renewal, especially if you have cyber coverage. Discounts are available through our carrier for our VIPsupport clients, let us know if you are interested.