01.31.20
Corvus Team

[WHITEPAPER] The Broker's Guide to Ransomware

Get up to speed on the basics of the biggest new threat to cybersecurity for your clients.

Understanding Ransomware

At its core, “ransomware” is a category of cyberattack in which criminal endeavors to lock up (through encryption) files or devices that are critical to an organization, and demands a ransom payment in exchange for the return of control over the encrypted property.

A Rise in Cyber Threats

In 2019, reports showed dramatic increases in overall ransomware attacks, including a 118% increase through the first quarter of 2019 by one count and a 363% increase through the first half of 2019 by another. The trend has not gone unnoticed. High-profile attacks on hospital systems and municipal governments, such as the cities of Baltimore and New Orleans, have grabbed the most headlines. But no industry or type of organization is immune. Attack trends will shift to wherever there appears to be fertile ground.

Cyber Insurance can be a solution to transferring that risk and mitigating the risk of an attack thanks to value-added services attached to cyber policies. By gaining a better understanding of ransomware, brokers can confidently advise their clients on appropriate cyber coverage, risk mitigation services, and how to develop a response plan.

Download the Whitepaper

This whitepaper will cover the basics that brokers should understand about the risk ransomware presents to their clients, as well as how insurance policies respond to ransomware and how to offer the best coverage.

Ready to read more? Download here→


[DOWNLOAD WHITEPAPER] The Broker's Guide to Ransomware

[RELATED POST] Tech Companies: Beyond Cyber Risk, the Cost of Downstream Impact

Tech Companies: Beyond Cyber Risk, the Cost of Downstream Impact

The rise of remote work and growing concerns over ransomware acted as partners-in-crime to get organizations to hone in on risk mitigation efforts over the past couple years. Through compiling our Risk Insights Index, we found that with certain initiatives —  safer or reduced usage of RDP, growing use of email security tools, and other measures taken to limit the impact of threat actors — businesses are more prepared than a year before and ready to play defense. Those efforts are borne out in our finding that the rate of companies who pay a ransom when attacked with ransomware fell by half within a year. 

[RELATED POST] Tips from Top Brokers: How to Play Offense in a Cyber Hard Market

Tips from Top Brokers: How to Play Offense in a Cyber Hard Market

The whisperings of “firming rates” start first, quietly in business meetings, then published in industry reports. Soon to follow, rumblings of a “hard market” are brought to the conversation. It’s cyclical in nature, and we see it across all insurance lines at one point or another. For years, Cyber Insurance stretched far and wide with “soft” market conditions, remaining highly profitable. Now that period of growth, with exceedingly available coverage and inviting terms, has stalled in the face of a hard market.