Cyber Liability – The Danger of Ransomware

Ransomware is quickly becoming the most prominent form of cyber-attack that is being used against businesses.

What is ransomware? It is any type of malicious code or software that prevents a user from accessing certain files or often the entire computer itself. The attacker usually then demands monetary payment for the release of the affected information or computer. It is essentially a digital form of extortion.

Extortion is now done over the internet.

Follow THIS LINK to see a detailed overview of what Ransomware is.

While it may sound like a scheme out of a science fiction movie, it is something that is very real and happening to many businesses today. Previously these attacks were limited to very large corporations and entities that would often just pay the ransom. Now hacker groups can, and will, target whomever and whatever they can.

What can your business do protect itself? Two things: good digital security practices and a comprehensive Cyber Liability Policy. Even if you have a Cyber Policy you may not realize that ransomware is often not included. Especially if it is only a basic policy or add-on to an existing policy.

If you are not sure if your Cyber Liability Policy is adequate the agents at Goodman Venegas would be happy to guide you through the process of keeping your business secure.