Today’s biggest threat to your business: the ransomware epidemic

Ransomware is, by multiple measures, the top cyber threat facing businesses today. Unlike data breach, ransomware is a risk without discretion. Any company that either requires access to critical data or faces loss or hardship in the event of business interruption is a potential ransomware victim.

In a ransomware attack, threat actors gain unauthorized access to company networks and files using malicious software or malware.

After gaining access, these cybercriminals encrypt files making them inaccessible, and demand a ransom payment in cryptocurrency in exchange for the digital key code(s) to decrypt the files.

More advanced approach 
Ransomware attacks have become more advanced in their approach. Including pre-emptive measures intended to coerce ransom payment such as targeting and destroying data backups to prevent restoration and stealing data prior to encryption with the threat of public release.

This leaves many victims with the difficult choice of either permanent loss of data and extended business disruption or paying a ransom to regain access and restore operations. For many ransomware victims, paying the ransom may seem like the only viable option.

Fatal consequences
The possible consequences of business disruption and loss or public exposure of sensitive data are severe, and can include loss of revenue, breached contracts, missed deadlines, failure to meet customer or client expectations, damage to goodwill, or even, in the most extreme examples – such as with healthcare providers – possible loss of life.

A traditional Cyber policy is intended to respond to a ransomware attack from initial forensic investigations, restoration of network and data, potential payment of ransom (if legally allowed), business interruption as well any third-party liabilities.

Prepare for the expected
Cyber risk is not just an IT-risk anymore – it is now a business risk. Aon can help your business respond to the threat and prepare for the expected with a cyber insurance.

The cyber insurance market has proven to be relevant and picking up on many of these claims. However, the insurance market responds to the development in ransomware attacks on pricing and level of risk information needed. Therefore, a solid underwriting submission and strategy is key to a successful placement.

Aon has a truly Nordic and global cyberteam with highly specialised expertise to help you analyse your risk and get the right insurance. 

This is for information purposes only. Professional advice should always be sought regarding specific risk issues.