Every passing year we hear more and more about cyber risk. One of the largest forms of risk is ransomware. Ransomware typically comes in the form of malware. Malware, a destructive program, is released into your computer when an unsuspecting person clicks on the a link made to look innocent.
With just one click, a business can loose control of their computer operations included stored information and data.Hany D, Computer Analyst
Once the malware infects your computer system, you are now locked out. Often a ransom message follows offering to restore your computer on the condition that you pay a ransom. The average ransom demand is $175,000.
Cyber Insurance is reacting quickly to increasing cyber risk
Brokers and agents are not only urgently trying to provide suitable coverage for their clients, but also, studying this phenomenon so that they can better understand the concerns of their clients. Many in the industry free that a holistic approach is needed to properly manage cyber risk.