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June 1, 2017

Here’s Why Cyber Insurance Is Important

The WannaCry Ransome frenzy further proves by businesses need to have a cyber insurance policy in place. Prior to this, cybersecurity was an issue widely ignored by the general public, government, and businesses.

Since this has happened, many organizations are revisitng their position on cyber security. That is because this attack proves that no business or organization, regardless of size, is safe from cyber attacks.

What is WannaCry?

The WannaCry ransomware that some are referring to as the largest global cyber attack in history, quickly spread to universities, hospitals and businesses across 150 countries in just a few short days.

It left many trying to determine if they should pay the ransom to regain access to their own files, or rely on their backups to avoid giving in to the attackers. Some people are saying that the same attackers are behind the disasterous Sony Data Breach a few years ago.

This form of ransomware locked users out of their computers by exploiting a vulnerability in outdated versions of Microsoft Windows. It then demanded money from users who wanted to regain control of their data.

Once it infected one computer, it could spread to every computer in that network within seconds.

After the initial discovery of the WannaCry ransomware, Microsoft issued a warning to the U.S. government concerning its data-storing practices.

How can individuals and small businesses protect their data?

In today’s technology driven world, there is no guarantee in preventing a cyber attack. Every organization is vulnerable, as you can see with the high profile companies who were victims of the WannaCry attack (i.e. FedEx).

However, there are some actions that an organization should take to protect its data, including:

  • Make sure you have backups. Your backups should be on a separate source or a cloud storage service, as any servers, hard drives or other backup sources connected to a network will probably be infected, too. At least one backup should also be stored in a different physical location.
  • Keep browsers, plug-ins and operating systems up-to-date. When you see the update requests, make sure you do as they say. You can also purchase an additional layer of protection with anti-virus software programs.
  • Urge everyone to be extremely cautious with spam. Never download unknown files or click on unknown links.

Cyber Liability Insurance

Cyber Liability Insurance typically reimburses the costs you incur in the event of a data or information breach. There are many variations among policies and premium costs for cyber security insurance in Ohio, but two distinct risk categories can be determined and this is a good place to start: first-party and third-party liability.

Our agency can help you protect your business. Call or contact us today to learn more.

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