The recent widespread outbreak of ransomware attacking a Microsoft vulnerability demonstrates the importance of preparation, and the benefits of Cyber Risk Insurance (also called Data Breach, Privacy and Network Security insurance coverage).
According to KrebsonSecurity (see here) and SC Magazine (see here), the attack was worldwide and spread fast. Microsoft had issued a patch for the specific vulnerability prior to the attack, but many organizations had not applied the patch or were running outdated software, and were therefore vulnerable.
Here are some articles on recommendations of what to do if you are a victim. However, many of these pointers are helpful for developing protections from an attack.
In addition, Cyber Risk Insurance can provide financial resources to help with the recovery from a ransomware attack. And some Cyber Risk insurers provide access to expert resources to quickly assist in the recovery effort. Note that Cyber Risk Insurance polices vary widely, and so a thorough review is essential to ensure that comprehensive coverage is in place.
Tennant Risk Services is a specialty wholesale broker and underwriting manager, and delivers expertise, markets and exemplary services to our retail insurance agent clients in the placement of professional liability and specialty insurance (E&O, D&O, EPL, Cyber Risk, Specialty). And we excel at hard to place accounts.
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