A growing number of cyber criminals are targeting factories for ransom, knowing that the industry’s time-sensitive nature puts pressure on companies to pay up. “if we don’t make our product in time, that means Toyota doesn’t make their product in time, which means they don’t have a car to sell on the lot that next day. It’s that tight,” says John Peterson, AW North Carolina’s IT manager. The factory was hit with malware last year, with the potential to lose $270,000 in revenue, plus employee wages, for every hour it was out of commission.
Manufacturers: do you carry Cyber Liability / Data Breach insurance? Cyber extortion coverage protects your business against losses caused by ransomware and other types of cyber extortion. Many cyber liability policies cover three types of costs.
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.
Are you like me where you get paranoid using public ATM’s and paying for gas with your card at the pump? I am sketched out about ATM / credit card skimmers that scammer’s place on public machines to trace your personal information. I stumbled across this video on Facebook. This is in Europe, but it doesn’t matter, this can happen anywhere. Be vigilant my friends!