- Cyber Terrorism: How Insurance Can Help Mitigate Damages
- Cyber Liability Insurance – Network Asset Protection Coverage (Video)
- Data Breach and Your Damaged Reputation
- Cyber Liability Insurance – Security and Privacy Liability Coverage
- Common Data Threats and Vulnerabilities
- PCI DSS Compliance and Cyber Liability Insurance
- Cyber Liability Insurance – Privacy Breach Response Coverage (Video)
- Upgrade Your Internet Security: Risky Cyber Behaviors to Avoid
- Password Security Tips
- Top 3 Data Breach Myths (1/4)
- 8 Tips to Prevent Data Breach (2/4)
- How to React to a Data Breach (3/4)
- Protecting Your Business from Costly Data Breach Damage (4/4)
- Private: Will you be Blindsided by a Data Breach?
- 7 Common Causes of Data Breach
- Hacked! How to Comply with Data Breach Notification Laws
- Private: Video: Dealing with Data Breach
- Password Storage Solution
- Best Practices When Connecting to Public Wireless Internet
- PHISHY PHONE CALLS
- Don’t Be a Victim of Email Scams
- Password Best Practices
- What Your Business Needs to Know About Ransomware and Cyber Extortion
- Multimedia Liability Insurance Coverage
- Cyber Liability: Privacy Regulatory Defense & Penalties Coverage
- How to Keep Your Restaurant Safe From Cyber Threats
- How to Report Data Security Incidents
- How to React to a Payment Card System Data Breach
- Email Security Best Practices: Do’s and Don’ts of Email Use
- Cyber Claims Digest for 2020 Planning
Did you know that ransomware attacks are now one of the most popular cyberattacks, surpassing hacking and physical theft in cyber claims activity? The FBI estimated ransomware to be a $1 billion crime in 2016 and research reported that 42% of small and medium-sized businesses were hit by ransomware attacks.
What is Ransomware?
Ransomware is a type of malware that ‘kidnaps’ data and holds it hostage by keeping the owner locked out until a ransom is paid. Cyber criminals often use ransomware in cyber extortion crimes to demand money.
Learn more in this video:
How does Cyber Extortion Work?
Consider this scenario:
The manager at a busy downtown bar downloads an email attachment that appears to be from her bookkeeper. The attachment contains ransomware which, when downloaded, immediately encrypts files on the manager’s computer — including accounting and payroll records. When the manager tries to access a file, a message appears on the computer screen directing her to pay a ransom in bitcoin in order to receive a decryption key that will unlock her files.
With the help of an information technology (IT) expert and legal counsel, the threat is determined to be credible, and the ransom is paid. The ransom, IT fees and legal expenses total $50,000. This would be covered by Society’s leading-edge cyber liability insurance. Cyber extortion coverage provides for expenses incurred and extortion monies paid as a direct result of a credible cyber extortion threat made against you.
What is bitcoin? A digital currency created and exchanged independent of banks or government; transactions are usually completed anonymously.
Technology and the risks associated with it affect every person and business. And in recent years, cyber criminals have increasingly targeted small businesses. Ask your local Society agent for details on the many ways a cyber liability policy can help protect your business, including coverage for privacy breach response costs and payment card industry penalties.