As a form of cyber threat, ransomware is a growing concern for many businesses who have online presences. Though your business insurance may offer some type of cyber theft coverage, it is nevertheless critical to understand how to prevent attacks from this particular threat. Every company with any operations online could face a risk.
So, what is ransomware and why does it matter to your organization? How can you avoid it?
What Exactly Is Ransomware?
As its name implies, this form of cyber theft takes control of your company’s valuable information and systems. The thieves then try to extort money from you. In other words, it holds the business’s online assets for ransom.
Thieves gain access to your business’s operations online. In most cases, they hack into your systems. This may range from your operational systems to your financial data or employee files. Most often, thieves aim specifically for valuable information that they might be able to use to commit identity theft.
Then, the thieves lock you out from this data. This immediately creates a situation in which your business cannot operate. The thieves make demands from you. They might demand money in exchange for your organizational data. That is their way of trying to control you.
The key here is not simply to pay the fees demanded. In many cases, the thieves won’t release your data, anyway. Rather, it is to work with authorities if such a situation occurs.
A ransomware event can happen to all companies. It is impossible for you to prevent it 100% of the time. Even the largest and most-secure companies can have some exposure. You have to do what you can to prevent these accidents, nevertheless.
It goes without saying that the average firewall and virus program is not enough. Today, companies are investing in high tech solutions to minimize risks substantially. This may mean having an in-house or third-party cybersecurity team. It may mean investing heavily in systems that have ample safeguards in place to minimize the risk of a ransomware invasion.
What to Do When It Happens
If you find yourself facing ransomware, contact the authorities as a first step. Then, work with them and your business insurance company.
If you have cyber liability insurance, it may apply here. Policies may help you to secure information again. And, the insurer’s services may also help to minimize any further threats from occurring.
Your policy may also offer support for protecting customer security because of the personal risks they face. Learn more about how to protect your business with cyber liability insurance today by contacting Herbert L. Jamison & Co., L.L.C. today.
Though it is important for you to have comprehensive coverage to protect your business, you also must stay on top of cybersecurity risks. Have a team of professionals you can depend on throughout this process. The more insight and support you have, the more likely you are to avoid these scenarios.
Also Read: Cyber Liability: Complying with HIPAA Regulations