At its core, “ransomware” is a category of cyberattack in which a 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.
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 to 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.
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 the full whitepaper below.
We gathered some thoughts from insurance and cybersecurity veterans, from Corvus and elsewhere, and shared where they see trends moving in cyber in 2020.
Mike Karbassi is Vice President and Head of Cyber Underwriting at Corvus. He specializes in Network Security, Privacy Liability, Technology E&O, Media Liability, and Miscellaneous Professional Liability. Karbassi has over a decade of experience in insurance and is a graduate of the Boston University Questrom School of Business.
Gerritt is the Chief Commercial Officer at Corvus. He has over 20 years of sales and marketing experience, primarily focused on technology and data solutions for the financial services industry.
James co-founded Corvus and is the company’s Chief Technology Officer. A 30+ year technology veteran, Jaimie most recently served as CTO of Iora Health and previously co-founded Gazelle.
Mike Lloyd is the Co-Founder and Chief Product Officer of Corvus Insurance. Previously, Mike co-founded Poncho, a personal lines agency InsurTech startup, and was a venture investor at FJ Labs. Mike has an MBA from Harvard Business School and engineering degrees from Virginia Military Institute and MIT.
Phil is the founder and CEO of Corvus. A 30+ year insurance veteran, Phil co-founded broker William Gallagher Associates (acquired by Arthur J Gallagher in 2015) and was an active leader in both the Worldwide Broker Network and Council of Insurance Agents and Brokers. Phil is the Managing Partner of Edmus Ventures where he invests in InsurTech companies including Verifly, Wellthie, Agentero, and Cover Wallet, and serves on the board of Cover Wallet.