What to Know About Ransomware Insurance

Posted April 23, 2018 in Ransomware Insurance

With increasing technological advancements come more technology-based problems, one of which is the increase in ransomware attacks.

Ransomware is a malicious attack on your company or organization’s computers (or other peripheral devices) designed to block access until the set ransom money is paid.

As companies and organizations rely more heavily on their computer programs to operate, the need for ransomware insurance is growing. While ransomware coverage is generally included with cyber policies, your business may not be as protected as you think.

If you think your organization is unprepared for ransomware attacks, our insurance specialists at Gallant Risk & Insurance Services, Inc. can provide you with the peace of mind by knowing the extent of your coverage. If you have any questions or if you would like to find out more information, call us at 951-368-0700.

Wording Is Everything

As with any insurance policy, it is vital that you read and understand the fine print to know the details of your coverage. You need to ensure that a ransomware attack is not only mentioned in the literature but is also entirely covered so that, should the need ever arise, you can get back to your normal day-to-day business as quickly as possible. While some policies claim to cover extortion, the policy may not cover certain types of cyber extortion like ransomware attacks.

In order to ensure that your organization doesn’t fall victim, make sure that your insurance policy covers all angles of a cyber attack, ranging from the blocked access and misuse of your data to the introduction of viruses to your local system threat. Also, confirm that the insurer will be covering not only the ransom amount but the amount lost from halted productivity.

Standalone Cyber Policies Are on the Rise

Any organization or company is at risk for a ransomware attack, and the need for standalone cyber policies are growing to ensure that you are covered for such an attack. These insurance policies can often be coupled with risk management policies, and they can be a beneficial aid in keeping your business running smoothly.