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What is a Ransomware Attack?

Business Insurance

Have you heard the recent buzz regarding the Colonial Pipeline and their ransomware attack? This situation made worldwide news and caused panic from oil consumers. What you may not realize is that ransomware attacks happen daily, right in your own backyard. Whether your business has 1 employee or 500 employees, you could be at risk of a ransomware attack.

So, what exactly is a ransomware attack? Ransomware is defined as “a type of malicious software that threatens to publish or blocks access to data or a computer system, usually by encrypting it, until the victim pays a ransom fee to the attacker.” Can you imagine if your entire network for your business and access to your data was held hostage from you? What would your plan be and how would your business continue to operate? Do you know if you currently have protection for this type of loss?

If you are unsure, we recommend reaching out to us for a review of your policy. Businesses are becoming more reliant on computers every day. Consequentially, cyber threats are becoming more common. Please reach out to us today to discuss cyber policy options to help mitigate your risk exposure to this type of loss.  

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