09 Dec Cyber Liability Policies: The Download on Ransomware
This week in cybersecurity from the editors at Cybercrime Magazine
–Read the Full Story in Union Risk Advisors
Sausalito, Calif. – Dec. 9, 2024
Nearly every organization has an exposure to Cyber Liability. The only differentiating factors are severity and where an organization falls from a risk profile, according to Cleveland, Ohio-based Oswald, a Union Risk Advisors company, and one of the nation’s largest independent insurance brokerage and risk management firms.
Organizations that have a large amount of personal health, financial and credit card information can be easily identified as targets for cyberattacks. These attacks are evident from recent well-documented breaches occurring at McDonald’s, Peloton and Volkswagen. Organizations that fall outside these areas tend to have a false sense of security and fail to see their own risk, which may be less obvious but no less important than breaches occurring within nationally recognized public corporations.
When considering whether to buy Cyber Liability coverage, many companies focus on breach response costs, but overlook the less obvious risks, such as ransomware. According to Cybercrime Magazine, Ransomware is so widely used that it is expected to cause $265 billion in damages by 2031. In addition to breach response costs, Cyber Liability policies will indemnify an organization for their cyber extortion expenses as a result of ransomware.
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