Should Retailers Purchase Cyber Insurance to Mitigate Ransomware Risk?

HOBOKEN, N.J., Jan. 20, 2022 /PRNewswire-PRWeb/ -- Messaging Architects, an eMazzanti Technologies Company and cybersecurity expert, provides helpful cyber insurance guidance for retailers in a new article. The informative article first reviews cyber insurance basics, including coverage options.

The author then discusses how cyber insurance is changing due to increasing ransomware attacks. He mentions that more policies now include certain exclusions and coverage limitations. He concludes by discussing what to look for when choosing cyber insurance and the role of such a policy in an overall cybersecurity strategy.

"Cyber insurance can be expensive, and it does not prevent attacks," stated Greg Smith, Vice President of Services Delivery at Messaging Architects. "In fact, purchasing cyber insurance can even invite an attack."

Below are a few excerpts from the article, "Should Retailers Purchase Cyber Insurance to Mitigate Ransomware Risk?"

"According to a recent report, 44 percent of retail organizations suffered ransomware attacks in 2020. And attacks increased in 2021. With the average cost of a single ransomware attack reaching nearly $2 million, many retail businesses have looked to cyber insurance to offset the risk."

Uptick in Ransomware Attacks Means Changes to Insurance

"As ransomware attacks increase, and as they become more costly, the nature of cyber insurance is changing. Two major trends have emerged. First, coverage is proving much more expensive than before, with premiums increasing by 10 to 50 percent."

What to Look for When Choosing Cyber Insurance

"Coverage should certainly include specifically accessing, misusing, or selling digital assets. Threats covered could also include actions such as altering software or interfering with the organization's website. Additionally, the policy should cover introduction of malicious code, restriction of access and threats to disclose data or disrupt business."

Cyber Insurance as Part of Comprehensive Strategy

"Cyber insurance can play an important role. However, it will not prevent an attack. Instead, it should form just one part of an overall cybersecurity strategy. In fact, as indicated, organizations with a strong security posture will likely find it easier and cheaper to purchase insurance. And strong security measures make an organization a less attractive target."

Help From Retail Cybersecurity Professionals

Retail cybersecurity professionals offer the tools and expertise business leaders need to tailor a cybersecurity solution to meet their needs. The consultants at Messaging Architects deliver a range of critical services, beginning with comprehensive risk assessments and email filtering to strengthen an organization's cybersecurity posture.

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About Messaging Architects

Messaging Architects specializes in effectively managing and securing an organization's most precious asset, its information. With over 20 years of information management and technology consulting experience, the Messaging Architects team has provided corporations, educational intuitions, health care facilities and nonprofits with methodologies, procedures, and technology to keep their data organized, compliant and secure.

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, expertly providing advanced retail and payment technology, digital marketing services, cloud and mobile solutions, multi-site implementations, 24×7 outsourced network management, remote monitoring, and support.

eMazzanti has made the Inc. 5000 list 9X, is a 4X Microsoft Partner of the Year, the #1 ranked NYC area MSP, NJ Business of the Year and 5X WatchGuard Partner 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, Messaging Architects, 4803345403, [email protected]

SOURCE Messaging Architects