Businesses today depend on technology for communications, customer interactions, and business operations. As we become more connected throughout the world it increases our chance of a cyber-attack.
One Company’s Example:
In October 2019, an Arkansas business was hit with a ransomware attack. They spent weeks trying to restore their systems, spending thousands of dollars, but ended up paying the ransom just to get their systems running. By the time the system was restored, they had lost hundreds of thousands of dollars in costs and lost revenue, forcing the company to lay off 300 employees before Christmas. (1)
Think your business is immune from an attack?
Cybercrime Magazine predicts that by 2021 a business will fall victim to a ransomware attack every 11 seconds.(2) Ransomware is malware that infects your computer, network or server, locking you out of your system, encrypting the data and holding it hostage unless you pay a ransom.
You may think your only cost associated with ransomware is paying the ransom, however, ransomware costs include damage and destruction (or loss) of data, downtime, lost productivity, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hostage data and systems, reputational harm, and employee training in direct response to the ransomware attacks. (2) In total, global ransomware damage is expected to cost $20 billion by 2021.
How is Ransomware Spread?
Social Engineering is still one of the main tools used by cyber criminals to infect your systems. Social Engineering relies heavily on human interaction and often involves tricking people into breaking standard security practices. This includes sending phishing emails tricking you and or your employees to open a link or attachment. Even with proper security training, it can be difficult to stop all phishing attacks against your business.
How can I better prepare my business?
Cyber Insurance is one way to protect your business from a cyber-attack. Cyber Insurance can include both 1st and 3rd party coverage. 1st party coverage pays for system & data restoration, business income, forensics, and extortion. 3rd party coverage pays for the statutory notification requirements and the liability related to the breach including defense.
Where can I get a quote?
Cyber Insurance can help keep your business running should you experience an attack. In most cases we can get you a quote in 24 hours. To get a quote please answer 7 questions on this Cyber Quote forum and contact us if you have any questions.