Rising Ransomware Threats And Their Insurance Solutions

Over the past five years, companies have become conversant with a broad range of cyberthreats. Often to their dismay, companies have learned of data breach and hacking, and phishing, spear phishing, spoofing and social engineering. Ransomware, which previously had not received as much attention in the world of cyberthreats, is now in the first rank of corporate concerns. Massive attacks like Wannacry and the attack on June 27 put everyone at risk. The June 27 attack specifically targeted a law firm.

What is ransomware? Ransomware is malware that installs without the user’s knowledge on the user’s smartphone, computer, tablet, wearable device or other internet of things (“loT”) product. It either mounts the cryptoviral extortion attack that holds the victim’s data hostage, or mounts a cryptovirology leakware attack that threatens to publish the victim’s data, until a ransom is paid.