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News

Is Your Business Covered In A Ransomware Cyber Attack?

Posted on Thursday, June 1, 2017 at 9:10 AM

 

Does your business have cyber liability coverage on your current business insurance package?  Ransomware viruses are quickly becoming a concern in today's ecommerce world.  These viruses will either hold information, or lock users out of electronic systems until a "ransom" payment is made to recover access to these systems.

 

Symantec Corp,, a cyber security firm based in Mountain View in California, observed over 460,000 ransomware attempts in 2016, up 36 percent from 2015, the company said. The average payment demand ballooned from $294 to $1,077, a 266 percent increase.  This huge increase in Ransomware attacks has many business owner's concerned.  Most insurance policies DO NOT include cyber liability, and leave company's fitting the bill. 

 

Many forensic lawyers have been looking at the kidnap policies, included in some business packages, to find loop holes to cover these claims.  They have yet to find a coverage to protect affected companies from paying these claims.  The best bet is to purchase a cyber insurance policy.  These policies are inexpensive, and provide comprehensive cyber coverage. 

 

If you feel your business is at risk, or would like a FREE no obligation cyber insurance quote, call HMM today at (814) 455-0987 x 119.

 

     


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