The rise of cyber attacks is unprecedented. There’s no doubt that if workers remain working at distributed insecure locations such as public wifi and home networks that were not professionally set up and configured, it’s likely to continue to get worse.
One of the latest attack vectors that has been of growing concern is that of ransomware – where a hacker infiltrates your network – perhaps through email phishing, and then encrypts your files so you cannot access them and holds them for ransom. This is often in the form of ransom payments asked for in Bitcoin. Studies show that by 2025, ransomware attacks will reach damages of $28 billion.
Being properly prepared with the right technologies and staff is certainly helpful, but it’s also time to explore the role that cyber insurance can serve to protect your organization. Cyber insurance can include covering the costs of investigations and settlements. It even enters the realm of data recovery, business interruption, and legal fees. While it cannot protect you against cyber security threats and ransomware, it certainly puts you at a better position to bounce back.
Learn more about how to properly protect your business with cyber insurance in the visual deep dive below.