Protect Yourself – Insure Yourself

What’s the first thing that comes to mind when you think about insurance? Good chance it is home, auto, condo or maybe life insurance. I’m sure it isn’t cyber insurance.

That’s a shame because everyone should be worried about protecting their critical data from ransomware—software that infiltrates your computers and online systems to block you from accessing critical personal and professional data.
The potential impact is huge. Ransomware can cut off your access to a wide range of critical information at the proverbially flip of a switch, blocking you from accessing a range of online applications and potentially destroying personal and professional reputations by threatening to publish information unless a “ransom” is paid.

Ransomware is a big problem that is getting bigger every day. The first case of ransomware was reported in 2005, a little over a decade ago. Cyber security group Symantec reports that there are now upwards of 750,000 attacks worldwide per month. This surge culminated in May when the largest ransomware attack ever was launched through WannaCry, software which hit 99 countries at once, affecting 75,000 organizations and individuals, including Britain’s national healthcare system.

What do these cyber thugs want? Money. Ransomware demands range from $500 to $500,000 (or more) to free up data under assault.

That’s the bad news. The good news is that you can protect yourself through a growing menu of cyber security insurance policies offered by a variety of carriers, including AIG. Like “kidnap insurance,” these policies can cover the amount of ransom money paid as well as provide response assistance. One constant is that they all require that you work with your insurance carrier when confronting a ransomware attack.

Policies, however, differ in terms of deductibles and the extent of coverage, among other items. That’s why it is essential to work with insurance professionals when searching for the right coverage.

Want to protect yourself and learn more about cyber security insurance? Contact Muller today.

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