Knowledge Center

Ransomware Attacks Are On the Rise… Are You Prepared?

October 01, 2020

Ransomware Attacks Are On the Rise… Are You Prepared?

Do you think you have an impenetrable firewall, strong enough to ward off a cyber attack before it happens? Do the terms “Dark Web”, “Ransomware”, “Malware” and “Phishing” sound like things that can’t affect you and your organization? Do they seem like undercover actions from a nameless pod of bad actors causing problems for a small group of victims?

All industries are at risk from cyber attacks, including manufacturing, healthcare, construction, education, real estate, financial institutions, retail, and many, many more. No matter your business, prepared incident response can make the difference between recovery and bankruptcy.

Some of the disturbing trends of a rapidly changing and spreading form of cyber threats include business email compromise scams, Ransomware schemes and intrusive malware transmitted through social engineering and phishing techniques. Once detected, compliance with privacy regulations can be a complex, confusing and sometimes off-putting process. If not handled correctly, regulatory actions in the form of fines and penalties or third party and class action lawsuits may arise.

While your company may have safeguards in place, “100% secure” doesn’t exist. It is time to embrace that reality. Without a cyber insurance policy to cover the potential catastrophic losses a cyber attack would cause, your organization is left unprotected from what could be irreparably devastating financial and reputational losses.

Margaux Weinraub, CPCU, ARM
Cyber Account Manager
The Graham Building
Philadelphia, PA 19102