Business Interruption and Ransomware

Ransomware is a type of malware designed to deny access to a person’s computer unless they pay the hacker ransom. The NY Times reports that these attacks have grown over the past year with a 41 percent increase in 2019. Ransomware attacks are a growing problem, not only in the severity of the attack but the duration of time an organization is under attack. Also, the time lost from the point of the attack to the backup security.

 

Cybercrime continues to evolve with the changes in technology. Ransomware attacks have always targeted organizations with lax cybersecurity. Today cyber criminals can embed ransomware onto an organization’s server or website and the ransomware can lay dormant on a machine/server for months while collecting data on the organization.  

 

Business owners should take the time to understand their coverage in their business interruption policies. Since ransomware attacks are becoming easier for cybercriminals to execute, business owners should look into fortifying their digital assets and make sure that they have Business Interruption Coverage in the event their business is attacked. It is scary to think that nothing can be done when faced with a cyberattack, but being prepared for the potential loss revenue/income during downtime due to an attack is just as important as preemptively assessing what cybersecurity measures your organization has in place. 

 

Business Interruption Coverage

Business interruption coverage is only going to help your organization regain some of the financial loss that will occur with a security breach. It is a response to an incident that has occurred, not a proactive approach to stopping a breach from occurring.  Without business interruption coverage your organization would not be able to report a claim to help rebuild your business’s lost data. Business interruption insurance covers any income lost due to a disaster, in this case, a disaster would be a ransomware attack or any other type of cyber attack. 

A Proactive Approach

Recognizing weak spots in your organization’s cybersecurity is one way to proactively protect your organization from cyber-attacks. Digital has become the new normal. Taking a few extra steps will protect your business assets and save your organization by avoiding a cyber-attack. A few things for your organization to consider are:

• Select trusted and reputable telecommunication & telework software for your organization. With more organizations moving to remote work, there has been an uptick in fake telework companies.
• Keep an eye out for Business Email Compromise (BEC). This type of compromise can be associated with fake new clients & phishing schemes targeting your employee’s personal data like business logins and banking information.
• Use multi-factor authentication when accessing organization sites, resources and files. We previously released an article with our suggestions to prevent SIM-Hacking. Click here to read the guide and learn more about multi-factor authentification.
• Ensure all computers & mobile devices have up to date antivirus software installed. Keep all software up to date, including website plugins, browsers, and document readers.
• Don’t open attachments or click links within emails received from unknown senders.

 

Cybersecurity Measures To Take

Another thing an organization does is make sure your employees have the training to recognize ways that criminals attack. Ransomware doesn’t just end up on a server. They place it there through downloaded files or phishing websites.

Train your employees to recognize the signs of a phishing attack. Regularly schedule phishing tests to test whether your employees are practicing safe internet behavior. 

 

Still have questions? Still want more info? Take the proactive approach and contact a risk advisor or call 914-357-8444 to discuss how your organization can protect itself from a ransomware attack and ensure that your organization has business interruption coverage to protect yourself if an attack occurs.