Our most recent webinar presentation was delivered by Adam Maas of Korthase Flinn. He touched upon how we can be prepared for a Ransomware event, what Ransomware is and what you should look to have in place with your insurer.
1. Endorsement Through Your Standard Carrier
With your typical endorsement, you will typically have lower limits and a more limited scope of coverage vs a standalone cyber policy. With a significantly lower yearly premium, the coverage options are much more restricted than a cyber liability policy.
2. Stand-Alone Cyber Policy Via A Speciality Carrier
Your typical standalone cyber liability insurance will often fall around $2,000 per year currently. However, with your stand-alone cyber liability policy, you will receive enhanced protection and limits in terms of network interruption, computer fraud, and social engineering fraud to name a few.
3. What Is Ransomware?
Ransomware essentially is a demand for funds directed at you to avoid business interruption. The demand for funds typically Bitcoin or some other form of virtual currency needs to be paid in order for you to regain access to your data. All of your organization data is encrypted at this point until the criminals receive payment from you.
4. I Have Ransomware! Now What?
Firstly contact your insurance provider to establish a course of action that is appropriate. With the appropriate coverage in place often your insurance provider will negotiate directly with the criminals to restore your data or lower the payment amount for example. If your business falls under compliance such as HIPAA or if you are a CPA practice under Federal law they will make the necessary arrangements to inform appropriate parties too. Your insurance provider will engage with your IT provider also to ensure any backup data or restoration of your network is accomplished also.
As you learn more on how to educate your organization please check out a recording of our 30minute webinar here – https://lnkd.in/gTeNJ9n
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