Soaring Ransomware Risks Require Vigilance

Business Insurance

Policyholders are finding there is no simple solution for protecting themselves against ransomware, although there are measures they can take to minimize their chances of becoming a victim.

The risk is growing, as criminal hackers increasingly recognize it is a lucrative way to make money that demands little effort on their part, experts say.

Coverage is generally available under cyber insurance policies, although other policies, such as kidnap and ransom, may provide coverage as well.

Reported ransomware attack notifications against Beazley PLC clients increased 37% in this year’s third quarter, compared with a year ago, and small businesses were particularly vulnerable, the insurer said in a report issued Thursday.

Chubb Ltd. also said in a report on its claims activity earlier this month that ransomware attacks in the first half of this year exceeded the total reported for all of 2018.


Training employees about not clicking on phishing emails links is also important. “You may be as strong as your weakest link if you’ve got 100 fantastic, safe employees and just one employee that isn’t practicing good cyber hygiene,” said Joshua Gold, a shareholder and cyber insurance recovery attorney with policyholder law firm Anderson Kill P.C. in New York.

“You should absolutely impress upon your employees that they cannot be clicking on any link or attachment that is even remotely suspicious,” Mr. Gold said.

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Cyber Insurance Recovery Attorney | Anderson Kill P.C.
Joshua Gold
New York