Topics: Agent Resources Cyber Liability
Microsoft claims updating to Windows 10 will reduce the risk of a ransomware attack by 58 percent, but a study by Netmarketshare shows that 67.22% of desktops are using Windows 8 or older. Helping your clients prepare for an attack isn't as difficult as you might think.
Ransomware is a type of malicious software designed to block access to a computer system until a sum of money (or ransom) is paid, or some other action is completed. Sometimes it’s as simple as forcing the user to complete a survey. The most common types are lockscreen and encryption ransomware.
Lockscreen shows a full-screen message that prevents the user from accessing their PC or files.
Encryption modifies files so they can't be opened. There is no guarantee that paying the ransom or completing the required action will allow access to the PC or files again. Globally, the US accounts for 50% of all ransomware detections.
Your clietns have a couple of options when preparing for a ransomware attack. The first is to purchase a cyber insurance policy with a broad definition of malware that includes ransomware. Some cyber policies will even expressly offer coverage for extortion threats. The other option is to cover the exposure on a Financial Institution Bond. On some bonds, a kidnapping and extortion provision will include coverage for cyber extortion threats.
To learn how cyber coverage for your clients works, please check out our Network Security and Privacy Liability Coverage.