As technology evolves so do the hackers, they are constantly finding new and inventive ways to install malware onto your device. People are usually ‘baited’ into these cyber attacks through spam emails if you click on one of these spam emails it allows the hacker to install the harmful material.
The reason this happens so often is that staff aren’t trained when to spot when an email contains harmful material, especially with smaller companies and they are often under the illusion they are not at risk. This is not true as 74% of small business had a security breach over the previous year, with an average data breach costing around £75k, this amount of money could lead to the potential collapse of a business.
Ransomware is a type of malware that blocks access to a computer or its data and demands money to release it. Once a computer gets infected the ransomware encrypts all the important files and documents and then demands a ransom. Unless you have recent back-ups of these documents then you will be forced to pay the ransom or face losing the files. It’s not recommended to pay these hackers as there is no guarantee that they will decrypt and return your documents, it also gives the hackers more incentive to continue with these cyber-attacks.
A recent example of a global cyber-attack is ‘Petya’ ransomware; the malicious software spreads rapidly across an organisation once a computer is infected. As explained above, the hackers will then hold your data ransom until a payment is made (usually in bitcoin). So is there any to protect yourself from Petya? Most major antivirus companies now claim that their software has been updated to actively detect and protect against Petya infections, however, be aware that hackers will adapt their code and always find new ways into your network. Ransomware generated revenue in excess of $200 million in the first 3 months of 2016 for cyber-criminals, making it profitable enough that this will continue to be a problem for the foreseeable future.
Here at Connect Insurance, we understand how viruses can seriously affect business financially and in the form of reputation damage resulting from business interruption if they are the victim of a hack. As an insurance broker, we can offer Cyber Insurance so you can be protected in the event of a hack. Here are some of the benefits of our cyber insurance product:
- Practical support in the event of a data breach (electronic or otherwise).
- Crisis Containment in the event of data breach, to help minimize the damage to a company’s reputation.
- Cyber Business Interruption provides compensation for loss of income if a hacker targets your computer systems and prevents your business from earning revenue.
- Cyber Extortion will protect you if a hacker tries to hold your business to ransom.
- Hacker Damage reimbursement for the cost of repair, restoration or replacement if a hacker causes damage to your websites, programmes or electronic data.
- Multimedia Liability protection if you mistakenly infringe someone’s copyright such as picture online.
- Cyber Crime covers direct financial loss following an external hack into your company’s computer network.
- Telephone Hacking covers the costs of unauthorized telephones call by an external hacker following a breach of your computer network.
If you are interested in getting cyber insurance then please ring us on 01782 200715 or fill in our online quote form by clicking here.