2016 Will Be the Year Ransomware Holds America Hostage

Don’t be held hostage by ransomware

The Institute for Critical Infrastructure Technology (“ICIT”) has recently published a report titled 2016 Will Be the Year Ransomware Holds America Hostage. According to the report, companies need to prepare themselves for the threat posed by this rising form of hacking, which restricts access to an infected computer system, and demands the user pay a ransom to the malware operators to remove the restriction.

The ICIT report posits ransomware “is less about technological sophistication and more about exploitation of the human element.” The following steps could potentially help prevent your company from being held hostage by bad actors:

  • Don’t click on unknown e-mails or attachments
  • Learn to recognize bogus e-mails and ads
  • Don’t use unsecured devices for client data, or connect unprotected personal devices (such as flash drives) to company systems
  • Keep company system protections, including antivirus software, current
  • Thoroughly check out all third-party vendors, and have a plan in place to respond if they are infected

Due to potential limitations of standard liability coverage when dealing with the evolving cyber environment, forward thinking organizations are transferring their risk to cyber insurance products. Contact your KMRD Partners relationship manager to review your organization’s cyber insurance needs before one minute from normal.

For more information on Cyber Risks, click here.

KMRD reduces the overall cost of risk by producing a greater value for each commercial insurance dollar spent, while utilizing an enterprise risk management approach to engineer the optimal solution.

We are dedicated to the mitigation of risk, safety and loss control and claims advocacy, while helping firms recover from unplanned events that wait on the other side of one minute from normal.

To identify and correct coverage and service gaps in your insurance coverage contact us at contactus@kmrdpartners.com before one minute from normal strikes.

Need to deliver better risk management results for your company? Schedule a brief demo of our unique collaborative risk management system, KMRD XChange.

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