It seems that every day that goes by, there is a new company finding itself on the wrong side of the news getting hacked by ransomware. What is ransomware? It occurs when a cyber criminal somehow infiltrates your network – be it through email phishing, social engineering, or zero days within the software for example. Then, the attacker encrypts all of your files, making them inaccessible to you and they are holding your systems for ransom. Many of these ransom hijacking issues ask for payment in Bitcoin as it were.
While of course you should spend for appropriate IT security staff and software, should you aso purchase cyber insurance for your business? Cyber insurance, while it cannot stop a ransomware attack, it can cover quite a bit of expenses such as profit losses and liabilities. Cyber insurance also can cover lawsuits which include class-action lawsuits along with regulatory investigations. By 2028, cyber security services are expected to grow to a total of $193 billion in spending. SMBs are expected to put 5-20% of their IT budget toward preventing attacks.
Learn more about how you can protect your business from cyber attacks, or at least some recourse in recovery to get you back on track in the visual deep dive below: