What is Ransomware and How Can You Protect Your Business From It?

Are You Protected From Ransomware?

Ransomware has become a common form of cyber attack in recent years due to its relatively high success rate. According to a recent survey, 50 per cent of public sector employees expected ransomware attacks in their communities to rise in 2020, but only 54 per cent thought they had adequate training for how to respond to such an attack. Falling victim to ransomware is not only financially damaging, but it can harm your organization’s reputation as well. As such, it’s important to reduce your ransomware exposures.

About Ransomware

Ransomware is malicious software that infects a computer, denies access to the system or data, and demands a sum of money to restore the information.

Ransomware can spread in many ways, such as from visiting fake or unsafe websites, opening emails or email attachments from unknown sources or clicking on suspicious links in emails or on social media.

Tips to Prevent Ransomware

Ransomware attacks can typically be avoided through the following practices:

• Instruct employees never to click on links or open attachments in emails sent by a party they do not know.
• Provide training materials to your employees to help identify suspicious emails, such as those with bad spelling or unusual symbols in an email address.
• Develop a protocol for reporting incidents of ransomware and other suspicious cyber activity.
• Institute a schedule for regularly backing up sensitive business files.
• Update your company software as soon as new updates are released.
• Purchase cyber liability insurance that not only helps you respond to threats, but can also help cover the cost of the ransom and any other losses incurred as a result of cyber extortion.

Ransomware Insurance

Although ransomware coverage has been traditionally covered in general cyber policies, stand-alone cyber policies that cover ransomware are more necessary than ever. However, cyber insurance isn’t standardized. As such, organizations should review all policy language with a broker before choosing a plan. Be sure to look for ransomware coverage that uses broad terminology and protects against a wide range of threats.

Contact Excalibur Insurance Group to ensure you have the proper coverage and the tools necessary to protect against losses from cyber attacks.