U.S. Treasury Warns Cyber Insurers Against Paying Ransomware Demands – Should You Listen?
Washington, D.C. government has long advocated against paying ransoms to any individual or group, for any reason. Despite this position, ransoms have been paid, particularly in the area of cyber ransomware – a virus that lands on your server and holds your entire network hostage, till you pay the ransom.
The FBI has stated it is against paying ransoms, in part because “it does not guarantee an organization will regain access to its data.” That said, the FBI has acknowledged that many businesses have paid ransoms, and many more will in the future.
What is a business supposed to do?
Are you willing to navigate through the complexities of how to pay a ransom, should you pay a ransom – or is it even legal to pay a ransom? The importance of identifying risk and transferring that risk to a cyber insurance carrier can not only ensure you are following proper guidelines, but will also allow you comfort in having a carrier who can help navigate a cyber attack.
Let’s have a conversation to see if cyber coverage is right for you! Please reach out to me immediately so we can set up a time to discuss your options. Call or e-mail me today!
Casey Kolb- PWCA
Risk Management Consultant