24 Jun Should Your Business Get Cyber- Insurance?
The threat of Ransomware attacks is getting worse. According to experts, there has been an increase in the volume of attacks as well as how much attackers are asking for, often up to $1 million from small to medium-sized businesses. Businesses in developed countries like the US are the most frequently targeted.
Ransomware is becoming more sophisticated as machine learning and artificial intelligence develops; allowing them to bypass virus protection software entirely.
Cybercriminals are getting smarter in who they target to extort. Manufacturers, hospitals, government agencies, and schools are particularly susceptible to an attack, especially if they hold sensitive personal information that hackers can exploit to demand more money.
What is Cyber-Insurance?
Cyber–insurance is an insurance product used to protect businesses and individual users from Internet-based risks, and more generally from risks relating to information technology infrastructure and activities.
Cyber-insurance can help at a time of crisis. Coverage provided by cyber-insurance policies may include first-party coverage against losses such as data destruction, extortion, theft, hacking, and denial of service attacks; liability coverage indemnifying companies for losses to others caused, for example, by errors and omissions, failure to safeguard data or defamation; and other benefits including regular security-audit, post-incident public relations and investigative expenses, and criminal reward funds. They can provide a lawyer, a forensics company, a notification provider, a PR consultancy, and an incident-response manager who can manage the whole project end to end. It’s peace of mind in this day and age.
Having a ransomware extortion insurance policy might make your company more of a target. Cybercriminals would attack and try to figure out if their mark is covered for extortion and try to lock all machines down so that an insurer might pay quickly. However, this impact would be felt by the insurance company more than the insured.
How To Decide Whether Cyber Insurance is Right For You
Most business owners don’t understand what Ransomware is or how it works, so deciding whether you need insurance for it can be a tricky decision. The best way to decide is to contact your IT Support Specialists.
“Your IT Support team will help you understand how vulnerable you could be and what the chances of having an attack happen to your business would be. What’s more, they can give you the best advice, knowing your security systems inside and out. They are your best line of defense for protecting you from a cyber-attack so consulting with them before purchasing cyber insurance just makes sense” – Jason Kidman, SOS Support
The Most Effective Way to Protect Your Network Against Ransomware Infections
Hire a good IT Support company. They will test your systems regularly for weaknesses and guide you on the necessary steps you need to take to protect your business.
Cyber Risk Managers worldwide agree that people are the weak link when it comes to an organization’s exposure to malware–and hackers use social engineering tactics to exploit the people problem.
Provide training for all employees through cybersecurity awareness regularly to ensure that you don’t have any weak links.
For more information on Cyber Security check out our blog and contact SOS Support for a consultation today.