Reduce the Effects of Cyber Extortion with Ransomware Insurance

August 15, 2018 Blog

It is just like a Hollywood script. An unassuming employee sits down at his desk and begins checking through his email. Nothing out of the ordinary here–a message from the department boss, a joke from a co-worker, and an invoice that needs to be approved. Yes, just another day at the office. That is until the invoice email is clicked and a malware virus is released. Soon, it infiltrates the whole database where it holds the information hostage for a Bitcoin ransom. What ensues is a madhouse of corporate executives wringing their hands and calling the FBI.

If you think this only happens in the movies, you would be incorrect. The unfortunate truth is that ransomware attacks have grown exponentially since 2005. If your company gets hit by a cyber attacker demanding money before releasing your data, then you need help. At Business Insurance Center, our dedicated staff understands the threats to your company and your customers. We work with you to get you back up and running.

Types of Threats You Can Face from Online Predators

Having the right type of coverage can get your business back on track quickly after being held hostage. Here are a few threats cyber-criminals may make:

  • To alter, damage, even destroy your software programs or data
  • To infect your IT systems with a virus or malware
  • To release data or sell it
  • To make your website inaccessible

What Ransomware Insurance Covers

Depending on your existing commercial property policy, covering a ransom is a mistake. The extent of coverage is generally limited to damaged electronic data from a computer virus. You need better protection that includes the losses from ransomware. Here are a few types of costs you may incur:

  • Ransom Demand. This is the amount of money the cyber-criminal is demanding you pay to regain access to your data, computers, or smartphones.
  • Extortion Expenses. If you have to travel out-of-state to make the ransom payment, there are costs involved. Other expenses include hiring a consultant to negotiate with the extortionist for you.
  • Repair Expenses. Just because you pay the ransom does not mean you will get your data and computers back without damage. Sometimes the encrypted data is not “unlocked” even after you forked over the demanded amount. Now comes the recovery period with the time and money involved to restore and replace programs, software, or data.

Stop Ransom Demands in their Tracks with the Help of a Trusted Insurance Brokerage

Avoid being a victim of cyber-thugs. Talk with an experienced broker who can discuss your needs, look for cracks in your protection, and suggests the best coverage for your company at a price that will not break the bank. Enjoy quick response times and exceptional customer service when you contact our network of brokers today.

Request a quote for ransomware insurance or call and speak with a knowledgeable and experienced broker at the Business Insurance Center. We have a 24/7 call center to serve you and an online Live Chat operator.

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