Cyber Risks – Ransomware – How to protect your business

Fraudulent activity continues to affect businesses of all shapes and sizes with our help and guidance as well as some of the best cyber insurance products available we can help tackle fraud and ransomware head on.

Ransomware has raised its nasty head again, a malicious software which infects equipment, allowing cyber criminals to lock down PC’s from a remote location, in exchange for demanding a monetary ransom to unlock the virus.

Although this may not be the case for every attack, it’s believed the cyber criminals are not interested in data. The intention is not to access or steal your customer data, but simply to prevent you from doing business, to put your reputation at risk and make money.

How does it work?

The virus hides within a file or programme and encourages the user to click on it, this could be an email attachment, video link or even a system update.  Once you’ve downloaded onto your PC, the virus is activated and can lock down the entire network before demanding the ransom to be paid to gain access again.

The threat messages and ransom amounts vary depending on the type of ransomware.

Avoid being infected by ransomware (please share with your team and seek advice from your IT and security team/provider)

– Maintain an updated operating system to avoid security breaches

–  Avoid browsing unsecure web pages – (Restrictions can be placed on users)

– Install a recommended anti malware and antivirus product – do not let it expire

–  Do not open emails or files from unknown sources

–  Disable hidden file extension in Windows – (this could help with identifying this kind of attack)

–  Ensure you have a suitable backup system in place which is archived

What should you do if you are affected by Ransomware?

• Contact your LV= Rep to notify of the attack
• Consider contacting Action Fraud by calling 0300 123 2040
• Call your Internet Service Provider (ISP) and ask for help
• Keep a timeline of events and save server logs
• Consider reporting the attack to the Information Commission Office

What can i do from an insurance perspective?

Ravenhall have access to a portfolio of excellent Cyber products which help businesses protect themselves form a whole manner of risks, whether they be criminal, Malicious, accidental, first party or third party. If you would like to speak to one of our Cyber experts, please do not hesitate to speak to your adviser or click here to contact us.

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