Ransomware Victims Have Paid Out More Than $25 Million in Past Two Years

Ransomware victims have paid out more than $25 million in the past two years, according to a new study by Google, Chainalysis, UC San Diego and the NYU Tandon School of Engineering. The study reviewed 34 separate families and discovered that a particularly harmful strain, Locky, received more than $7 million in payments. Ransomware, which infects and locks a system until payment has been received, has become “an almost unavoidable threat” over the past few years. It’s shown to be popular amongst cybercriminals, who often demand payment in the form of bitcoin. Two ransomware attacks made earlier this year by WannaCry and NotPetya had been “deemed destructive in nature,” Forbes writes, but only received $140,000 and $10,000, respectively.

A viable solution to this sort of threat? A good Cyber Liability insurance policy will pay extortion expenses and extortion monies as a direct result of a credible cyber extortion threat. This is only one of the many areas a Cyber Liability insurance policy can help.

Cyber insurance can be essential in helping your company recover after a data breach, with costs that can include business disruption, revenue loss, equipment damages, legal fees, public relations expenses, forensic analysis and costs associated with legally mandated notifications. A lesser-known benefit of cyber insurance is the role it can play in protecting your company long before a breach occurs.

#RansomwarePayout #CyberLiability

-JK

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About Jim Kinmartin - Business Insurance & Risk Management Broker

Jim is a California licensed Property & Casualty AND Accident & Health insurance agent working at the ISU - Olson Duncan Insurance brokerage in Torrance, CA. He grew up in Fullerton, CA and graduated from Servite High School in Anaheim and Loyola Marymount University in Los Angeles and currently lives in Long Beach, CA. Have questions? Just ask! Or, follow Jim on Twitter at @JimKinmartin

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