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Ransomware & the Importance of Being Covered

Posted By: Claire Friday 29th January 2021 Tags: ,

It’s recently been reported insurers have begun including ransomware in policy coverage. In this blog we will define ransomware and discuss the importance of the right policy.

A quick note before we begin;

Are your company machines secured with proven effective antivirus and Spam Filtration? If like many businesses you’ve a network of PCs and servers, it only takes one machine to become infected before the virus is passed through the server and onto the rest. Spam protection safeguards emails from potential spam or virus loaded emails entering your mailbox. Unsure if you have this in place? Speak to us about cyber security now!

What is Ransomware?

Ransomware is a type of malware with the ability to lock infected machines remotely (from another place). Should this occur, machine users can potentially be held to ransom and this is where the problems begin.

‘Give me back my son’! (or in this case, data)

Young enough not to remember the film Ransom, starring Mel Gibson? In a nutshell, Gibson’s on screen son was taken and held at ransom. Seeing Mel scream ‘Give me back my son’ into the telephone is certainly an iconic film moment. Should you fall victim to ransomware, whilst it’s data you’ll fight to retrieve, the frustrations will be just as valid!

The Fees 

No PC access means no online communication. A locked machine denies access to every single piece of data required to run a business and in terms of fees, hackers can literally charge whatever they like. Usually a sum exponentially more costly than the GBP, ransom is requested in bitcoin (untraceable cryptocurrency). Based on today’s exchange rate, a single bitcoin holds the value of £22,379.44.

Avoid Financial Ruin

The question is, could you afford to take the risk and have your company/client data and important files held to ransom? Is there enough in the kitty to splash out on ransomware demands? If not, companies unfortunately, are susceptible to financial ruin if facing an attack. Ask yourself, can you afford not to be covered?

Ransomware Insurance

Many business insurances now include ransomware protection as standard. Make sure to ask the question if renewal is soon. Even if you’re months away, do something worthwhile today and speak with insurers. Ransomware cover can always be added on to an existing policy and is money well spent in comparison to the alternative.

“Buy now, save later”!

Additional security steps;

Whilst being covered against an attack means you won’t necessarily suffer financially in the first instance, you’ll still require access to data and files. Making sure your company carries out regular backups offers much better chances of bouncing back quickly. Without these, every scrap of data that’s ever been collected, is lost forever. Backing up data regularly means you may only lose a couple of days worth of information; a much better outcome!

Cyber Essentials Certified Specialists

If unsure about your current solutions, we would like to have a chat. As IT Support specialists we will assess what’s in place and recommend options for tighter security if required. We’re Cyber Essentials Certified meaning our team has the knowledge to help secure your systems. We’ve also helped many clients reach this particular accreditation.