Just when businesses are getting up to speed with the latest tricks employed by cyber criminals, another rears its ugly head. You cannot fail to have noticed the Ransomwear causing havoc across the NHS and indeed worldwide. (See the BBC website)
Ransomware is the practice of extorting a business by blocking access or threatening to damage their systems unless or until a sum of money is paid. The WannaCry virus has apparently affected over 200,000 machines in 150 countries with more disruption anticipated for today.
While this risk is deemed as “emerging”, instances of ransomware are anticipated to double in 2017 said one insurer, after its breach response services unit managed 1,943 issues in 2016. This is against 1,247 managed on behalf of their clients in 2015 – an increase of 55%.
The number of cases is not the only issue, as the global head of the Breach Response Service unit explains:
“The threat from ransomware is not only growing, but evolving to allow hackers to target vulnerable organisations and their most valuable data files and adjust ransom demands accordingly”. If the NHS can be caught, who you would think have reasonable security measures, then what is the likelihood you or those you know in business could be next?
“The sustained increase in these threats in 2016 indicates that even more organisations will be attacked in 2017 and need to have incident response plans in place before they get a ransomware demand,” she said.
Financial institutions bared the brunt of attacks with hack and malware instances making up 40% of data breaches in 2016, according to findings. This is up from 27% in 2015, with a noticeable increase also affecting the higher education sector.
Cyber Insurance can help get a business back up and running with expert help provided to sort out the many issues that can be caused by such threats. But as usual there are good and bad policy types. While most cyber insurance policies provide wide coverage relating to corrupt data, system damage and other problems that come with cyber crime, this is not an industry standard:
“…Some policies that we have seen in the market limit coverage to a threat to disseminate data. In these cases, the policy is unlikely to respond to a ransomware incident.”
System processes that are accepted and understood by employees and solid security measures can instantly create a better defence against all manner of cybercrime, including ransomware.
If you’re unsure as to what level of cyber insurance cover you have, or even if you have any then talk to our experts at 1 Stop Insurance Consultants Ltd
020 8773 2222