The Cyber Extortion Plight: Dealing with the Uptick in Ransomware, Spear Phishing, and Social Engineering Events – Which Way to Go When It Happens, the Extent to Which It Is Covered, and Some Practical Guidance on Mitigating the Effects and Potentially Preventing These Types of Attacks?
- Should ransom be paid/not paid? What are the consequences of either of these decisions? If it is paid, how does it affect insurance? What should cyber insurance cover? Is it a separate element that has to be purchased within cyber policies? Should it be sublimited?
- How to deal with the cost of business interruption after a ransomware event: How does the cyber policy respond? Does it pay as a business interruption loss? As an extra expense? As a cyber-extortion loss?
- What is/should be insurance solution for the theft of electronic funds? Cyber? Crime? Other? Where does it fall now? Where are the gaps? Does it need to be a new product or an endorsement on an existing product?
- What may be some of the ways to avoid these types of attacks?
- Backing up data and updating systems
- The need for companies to have a proactive security posture in terms of monitoring what’s coming into the network; The need for companies to have a strong people-management given that a lot of these attacks involve employee error
- How often to keep training and how to keep maintaining employee awareness?