Ransomware Insurance Coverage Disappearing, Not Enough for Robust Cybersecurity
NYC area cybersecurity expert discusses AXA exit, coverage changes, to pay or not pay, best practices, and what to do if attacked--in a new article from eMazzanti Technologies
HOBOKEN, N.J., June 2, 2021 /PRNewswire-PRWeb/ -- A NYC area cybersecurity expert alerts readers to disappearing ransomware insurance coverage in a new article on the eMazzanti Technologies website. The informative article also explains how coverage is evolving in the face of rising ransomware attacks.
The author also urges victims not to pay the ransom if attacked. She goes on to list several best practices to protect against ransomware attacks and steps to take if one occurs.
"While AXA appears to be the first insurer to deny ransom payments, the move could signal an impending shift in ransomware insurance coverage," stated Jennifer Mazzanti, CEO, eMazzanti Technologies.
Below are a few excerpts from the article, "Ransomware Insurance Coverage Disappearing, Not Enough for Robust Cybersecurity."
"The AXA announcement comes as ransomware attacks prove an increasingly lucrative business model. For instance, victims paid an estimated $350 million in ransom payments in 2020, over 300 percent more than in 2019. In recent high-profile cases, Colonial Pipeline paid attackers $4.4 million, and CNA Financial Corporation paid a whopping $40 million."
Ransomware Insurance Coverage Primer
"Cyber insurance has become a hot topic as organizations scramble to protect themselves against losses resulting from cyber-attacks. In addition to ransom negotiations and payments, typical policies also cover legal costs, as well as costs for forensic analysis, data restoration and communications related to the breach."
To Pay or Not to Pay
"This evolution in cyber insurance reflects more than a move by insurers to manage their own risk. The FBI and other government agencies, as well as many cybersecurity experts, warn against paying ransoms. Researchers at cybersecurity provider Kaspersky explain that paying a ransom provides no guarantee that organizations will recover their data intact."
Steps to Take if Ransomware Attack Occurs
"At the first indication of a ransomware attack, isolate impacted systems to contain the incident. Then perform a root cause analysis and begin to eradicate the infection and rebuild systems, giving priority to critical areas. Ensure effective communication throughout the process. This will include both internal and external teams and law enforcement."
Safeguard Your Organization
Ransomware attacks will continue, and organizations cannot always depend on cyber insurance to provide adequate protection. Instead, the best protection also includes implementing cybersecurity best practices and building a solid incident response plan. The data security experts at eMazzanti help business leaders prepare for inevitable ransomware attacks.
Have you read?
Incident Response Plan a Critical Component of Cyber Security
About eMazzanti Technologies
eMazzanti's team of trained, certified IT experts rapidly deliver increased revenue growth, data security and productivity for clients ranging from law firms to high-end global retailers, providing advanced retail and payment technology, cloud and mobile solutions, multi-site implementations, 24×7 outsourced network management, remote monitoring, and support.
eMazzanti has made the Inc. 5000 list 9X, including eight consecutive years, is a 4X Microsoft Partner of the Year, the #1 ranked NYC area MSP and NJ Business of the Year! Contact: 1-866-362-9926, [email protected] or http://www.emazzanti.net Twitter: @emazzanti Facebook: Facebook.com/emazzantitechnologies.
Media Contact
Kent Sorensen, eMazzanti Technologies, 4803345403, [email protected]
SOURCE eMazzanti Technologies
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