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.

Click here to read the Insurance Journal article on this subject. There are many interesting points about paying (or not paying) a cyber attacks 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

P# 530.665.4114

ckolb@vanbeurden.com

 

 

Casey Kolb

ckolb@vanbeurden.com

Risk Management Consultant | Woodland