Findings from an analysis of 2017 cyber claims data revealed that negligence was the most common cause of loss for the healthcare industry and a hacking attack the most common for non-healthcare organizations. However, ransomware was the second most common cause of loss for all industries.
Ransomware is a cyber-related threat with a monetary demand. The threat is typically to divulge or destroy information, to insert malicious code into a computer system, or to damage, destroy or prevent access to a computer system. According to the report, “2018 Cyber Claims Digest,” by NAS Insurance, there was a 152 percent increase in ransomware as a cause of loss in the healthcare industry between 2016 and 2017.
It’s important to understand that no business or industry will be immune to a cyber attack, as all signs point to an increase in attacks and more sophisticated threats. James Lewis, senior vice president at the Center for Strategic and International Studies agrees. “One emerging trend is ransomware worms, which work their way through networks to lock out many more computers than just the initial target. New ransomware attacks are expected to gain exfiltration capabilities, stealing target files and locking the user out at the same time.”
Because anyone can become a target, prevention and awareness are most important in managing cyber risk. Norton offers these do’s and don’ts when it comes to ransomware:
According to the Bitdefender, one in six spam email messages comes bundled with some form of ransomware. Further, ransomware is specifically being aimed at companies. Cyber insurance can help.
“The true cost of a ransomware attack,”Business Insurance
“The global threat landscape report – 2017,” Bitdefender
501 Bell St.
Dubuque, IA 52001
Phone: (563) 556-0272
An AssuredPartners Agency
In February 2020, The Friedman Group joined AssuredPartners, the 10th largest insurance brokerage in the U.S. This partnership provides us access to additional capital and a national footprint that enables us to continue to negotiate the most favorable coverage terms and conditions for our clients, and allows us to provide an even broader spectrum of risk management support services.